Shiba Inu Community Ramps Up Burn, Is SHIB Ready For A Rebound?

BitcoinistPublished on 2022-10-26Last updated on 2022-10-26

Abstract

The Shiba Inu (SHIB) community has been burning tokens for a while now.

The Shiba Inu (SHIB) community has been burning tokens for a while now. This burn is in an effort to reduce the supply of the meme coin, thereby increasing its value. There have been times where the burn has not been as high as expected but the community has been increasing its efforts to burn SHIB. This has led to a significant increase in the amount of SHIB being burned in the last week which could trigger some positive price movements.

Shiba Inu Burn Spikes Massively

Over the last 24 hours, there has been a massive rise in the amount of SHIB tokens being burned. Data from Shibburn on Twitter shows that there was approximately 23.3 million SHIB that were burned in the 24-hour period. Compared to the previous day, it is a more than 1,800% rise.

The tokens were burned across six different transactions, with a single wallet burning the majority of tokens. This wallet burned 19.2 billion SHIB in one transaction. But the total turn rate has plateaued since then as there have not been any more signifiant burns.

Presently, there have been 410.4 trillion SHIB that’s been burned. This figure also includes the amount that was burned by Ethereum founder Vitalik Buterin when about half of the total Shiba Inu supply was sent to his wallet. While approximately 30 trillion SHIB are currently staked.

Is SHIB Ready For A Run?

The rise in the SHIB burn rate is significant but it is only so compared to the amount that was burned the previous day. When put into dollar figures, it is not so significant, neither is it so compared to the circulating supply of the meme coin.

The Shiba Inu burn has not really had much of an effect on the price of the digital asset since the Buterin burn and this continues to be the case with so little supply being burned. So while a 1,800% increase in burn rate may be impressive, it is still not enough to impact the price.

This is apparent given that the digital asset has not been able to knock off a zero off its price. It lost its hold on $0.00001 last week and has been unable to reclaim it. There are still sell-offs happening in the market to minimize losses and SHIB is not left out.

For a significant spike in the price of SHIB to occur, there would need to be more demand for the digital asset as well as more of the supply being taken out of circulation. However, this seems unlikely as momentum all across the crypto market remains low.

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