Shiba Inu (SHIB) is back on track after its burn rate surged for the second time. Following a 14,000% increase on October 14, the meme coin has spiked another 7,911%. With the latest burn rate spike, a total of 281,888,884 SHIB have been sent to dead wallets today.
What the Increasing Burn Rate Means
For Shiba Inu, the rising burn rate holds significant implications. First, it demonstrates the project’s and community’s commitment to reducing excess supply. Second, it reflects the health of the protocol over a certain period, as a higher burn rate indicates a generally positive market sentiment.
With this recent burn rate, the total number of burned Shiba Inu tokens now stands at 410,731,181,056,899 SHIB. As a result, the circulating supply of the token has decreased to 583,538,056,599,858 SHIB.
The largest contributor to this burn came from a wallet with the address “0xa9d…3e43,” with this community member burning a total of 277 million SHIB.
The community remains dedicated to lowering the circulating supply in order to significantly raise the price. Burn rates are typically associated with price hikes, and currently, all performance metrics for Shiba Inu are within positive ranges.
Impact on Price
Today, the growing positive sentiment in the Shiba Inu ecosystem has affected its price. At the time of writing, SHIB is trading at $0.00001837, up by 1.87% over the past 24 hours. Notably, the token has seen slight growth in the past week as it attempts to break the $0.00002 price level.
While the “Uptober” price surge has yet to fully materialize in the SHIB ecosystem, the price appears to be on track to retest new highs. Although it has recently struggled to hit the $0.00002 target, the positive burn rate could help achieve this milestone if maintained.
