Burn rate of Shiba Inu (SHIB) soars to more than 3000%

The burn rate of Shiba Inu has surpassed 3000% as of June 12, 2024. The 24-hour duration saw more than 232 million SHIB tokens being incinerated. Shibburn’s data revealed that the burn rate was up by 3010.53% to eliminate 232.64 million tokens. The move positively influences the price of $SHIB in the market.

A total of 410.72 trillion tokens have been removed from supply by the community.

As for the recent burn event, three wallets stood out as several community members contributed to the process. The first wallet moved 225.63 million SHIB tokens to a dead wallet. The other two wallets transferred 3.18 million and 1.69 million tokens each. Shifting tokens from a live wallet to a dead wallet constitutes eliminating a portion of the supply. Needless to say, multiple transactions were involved in the burning process.

It has not had any impact on SHIB in the last 24 hours. The token is down by 1.23% at the time of writing this article. It further reflects a dip of 15.82% in the last 7 days and 1.78% in the last 30 days. The market cap is notably down by 1.21%, while the 24-hour trading volume is up by 27.58%, surpassing the mark of $769,770,000. The market cap is above $12 billion right now.

A token burning event is often linked to a surge in the token value. That has not been the case for SHIB until now. Effects could be seen later, as predictions for the meme coin are optimistic.

It is expected to be valued at $0.00002790 in the next 5 days and $0.00007004 in the next 30 days. The monthly surge, if it happens, will indeed be a massive one – reflecting a jump of 226.25% from the current value. Prevailing sentiments are bearish, with the Fear & Greed Index showcasing 72 points under Greed. The volatility is just above 4.5%, and the 14-day RSI reaches 41.31. The 50-day SMA and 200-day SMA are $0.00002443 and $0.00001796, applicable in the same order.

Despite the prevailing bearish sentiments, it is right to assume that SHIB cannot be written off at any point. The dog-themed meme coin has reached the 11th position on the charts of cryptocurrencies and the 2nd position on the charts of meme coins regarding market cap. Shiba Inu has ambitious plans, including hosting its ETF and dethroning Dogecoin ($DOGE) from the top spot.

A burn rate of more than 3000% sends hopeful signals but simultaneously suggests the need to reduce the supply just to positively influence the token value. It is normal in the crypto sphere to burn tokens, but it remains one factor to consider.

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The future of Shiba Inu ($SHIB) is on an upswing. It is still recommended to do research and risk assessment before allocating funds to SHIB or any other crypto.

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