The Shiba Inu burn rate has skyrocketed to its highest level for the week amid concerted effort to reduce supply and drive price growth
Within 24 hours, the Shiba Inu ecosystem rallied support to reduce the circulating supply. This push comes amid the ongoing decline in the price of SHIB. As per data from the Shibburn tracker, the burn rate jumped by a staggering 6,750.67% over a 24-hour period.
Shiba Inu Burn Impact on Circulating Supply
This massive spike saw 27,108,433 SHIB sent to dead wallets. Notably, only three burn transfers were responsible for this huge burn rate. The leading transfer removed 27,108,433 SHIB, accounting for the bulk of the substantial burn in the ecosystem within the past 24 hours.
Two other transfers from different wallets made up the remaining by removing 385,991 SHIB and 4,041 SHIB, respectively. This SHIB burn rate is the largest on record for the dog-themed memecoin this week.
Currently, Shiba Inu’s circulating supply stands at 583,557,781,017447 SHIB. With 5,710,976,531,812 SHIB staked, the total supply stands at 5,710,976,531,812 SHIB.
The ShibArmy has remained supportive of reducing circulating tokens to create scarcity. Data shows that the weekly burn constitutes 58,389,212 SHIB. This signifies an 81.73% decline compared to last week when the weekly burn came in at a record 320,186,507 SHIB, representing an 880% spike.
Future Prospects: Shibarium and Governance Plans
According to data, Shiba Inu is down 2.02% to $0.00001782 as of this writing. This indicates that the community’s deflationary measure has not impacted the token in the market.
Despite this price decline, the community remains optimistic on the memecoin. A good percentage of Shiba Inu investors remain hopeful of a price rebound. Shiba Inu investors hope that with consistent token burn and Shibarium’s rising Total Value Locked (TVL), the price could pick up and stabilize soon.
Additionally, with the planned launch of the Shiba Inu governance organization and the DAO Foundation, Shibizens look forward to a repositioned ecosystem.
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