The Shiba Inu burn rate has jumped significantly over the past 24 hours as community effort in burning the excess supply remains intensified
Shiba Inu (SHIB) community members have been progressing in trimming the supply of dog-themed memecoin. After an eventful weekend, this metric has had a major bump overall.
More SHIB Sent to Dead Wallets
Data from the dedicated Shibburn tracker shows that the SHIB burn rate increased by 772.63% over 24 hours. As a result, 15,089,691 SHIB were incinerated in three burn transactions. The majority of these digital assets were moved to an unspendable blockchain wallet address at once. The transaction involved 14,980,422 SHIB.
Approximately 50,000 SHIB each was moved to dead-end wallets for the other two burn transfers. This past weekend saw an even greater burn rate for the SHIB memecoin. First was Saturday when the dog-themed memecoin registered a 2,834% burn rate, resulting in the incineration of 232,222,042 SHIB. By Sunday, it saw another 5,975% burn rate.
So far, 410,728,825,806,575 SHIB have already been locked in dead wallets, leaving the Shiba Inu community with a circulating supply of 583,494,740,394,717 tokens. At the beginning of September, SHIB recorded a massive surge of 5803.56% in its burn rate. At this rate, it effectively shrunk the circulating supply by exactly 26,430,838 SHIB.
Shiba Inu’s Price Remains on The Low
The price of SHIB is yet to reflect this series of outstanding burns. At press time, the memecoin traded at $0.0000146 after dipping by 0.65% within the last 24 hours, according to data from CoinMarketCap. SHIB has a trading volume of $193.1 million.
However, it remains the second-largest meme-inspired cryptocurrency after Dogecoin (DOGE), with a market cap of $8.6 billion. Some analysts already see the price of the memecoin staging a moderate consolidation. With time, the aggressive burning may eventually shrink the total circulating supply to the level that would push the price of SHIB to a new all-time high (ATH).
Shiba Inu’s marketing lead, LUCIE, recently sent a message to those who do not believe in the future of Shibarium, its Layer-2 protocol. Lucie noted that as soon as Shibarium demand sees a sufficient increase and meets the necessary market conditions and global adoption, “the FUDders will be standing there like, ‘Wait, what just happened?’”
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