Shibburn platform reports a 1,628% increase in Shiba Inu’s (SHIB) token burn rate over the past 24 hours, indicating a consistent upward trend in burn activities for the meme coin. This surge in token burns is seen as a positive sign for the altcoin’s potential growth.
The current momentum in SHIB’s burn rate follows a strong previous week and starts the new week on a high note. The increase in token burns is attributed to significant contributions from at least three large wallet addresses, with the highest single burn transaction removing 52.39 million SHIB from circulation.
Two other notable wallet addresses contributed to the burn by removing over 34 million and 2.09 million SHIB, respectively. These recent burns have resulted in a total of 410.69 trillion SHIB being permanently removed from circulation, reducing the current supply to 581.12 trillion.
Market observers suggest that the Shiba Inu team’s focus on burning SHIB could be a long-term catalyst for a price increase. Despite this, the recent uptick in burned tokens has not yet translated into a price rise for the altcoin.
Concerns arise as SHIB’s price continues to trend downward, with negative metrics causing investor anxiety. However, with ongoing burns, there is anticipation for a price surge and the potential removal of a zero from SHIB’s price point. At the time of writing, SHIB is trading at $0.000009618, down by 0.89% in the last 24 hours.