The Shiba Inu community remains committed to its deflationary system by continuing to burn tokens in large volumes. Recent data shows a notable increase in SHIB's burn rate.
Surge in Token Burns
According to the latest data from the Shibburn analytics platform, the burn rate of SHIB shot up by 12,833% on Friday. This explosive increase was driven by the rise in the number of SHIB tokens burned within the past 24 hours.
Volume of Shiba Inu Burned
A total of 13,090,171 SHIB tokens have been sent to dead wallets, leading to a decline in the circulating supply to 584,532,038,460,906. Three transactions were the main contributors to this significant burn.
Investor Outlook
Although the surge in the burn rate coincided with a positive trend in the broader crypto market, community members are hopeful this could signal the start of a price increase for SHIB. However, it is important to note that the impact of token burns on price in the short term is minimal, as it primarily aids in driving scarcity.
Overall, the sharp rise in SHIB token burns generates positive responses from investors and creates possibilities for potential price increases in the market over the longer term.
