- Shiba Inu burn rate rose 1,611 as 17.65 million tokens were wiped off from circulation.
- SHIB burning would send the prices sky-high when the bull run arrives, said an analyst.
- Shiba Inu is also working on “something special” which would burn SHIB.
Shiba Inu (SHIB), the second-largest meme coin by market capitalization, has fallen below the $0.000017 price level, despite a recent surge in token burning aimed at boosting its value.
This decline comes amid a broader downturn in the crypto market, raising questions about the effectiveness of SHIB’s deflationary measures. The meme coin is down by around 1.62% after the market fell under the claws of bears.
Shibburn data reveals that the burn rate of Shiba Inu (SHIB) tokens surged 1,611% in the past 24 hours, with 17.65 million SHIB tokens burned. To date, a total of 410 trillion SHIB tokens have been removed from the total supply of 999 trillion.
Source: Shibburn
The burning of tokens reduces the circulating supply, which can potentially lead to price appreciation over time. Shiba Inu enthusiast Lola, on X (formerly Twitter), noted that the meme token’s price action needs to consolidate until the next bull run.
The token burning, coupled with the pace of the market during the bull run, could drive prices higher. SHIB is currently 80% down from its 2021 all-time high of $0.00008845. If the burn rate continues to rise, SHIB can revisit these levels during the bull run. Lola also added:
“Best thing to have right now is to BURN some supplies so when the actual anticipated bullrun come then it can jump much higher and the impatient are gonna FOMO.”
As reported earlier, Shiba Inu also surpassed Uniswap (UNI), becoming the most valuable Ethereum-based altcoin after Ether (ETH).
Meanwhile, LucieSHIB, Investor and Marketing Lead at SHIB.IO, confirmed collaboration with Shibacals Collaboration Studio, adding that the two are working on creating something special that would further lead to the burning of SHIB tokens. LucieSHIB asked the X community to “get ready to see some Shib burn.”
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