Shiba Inu Token Burn Rate Increases Significantly

As reported by U.Today, the burn rate of Shiba Inu (SHIB) tokens is rising significantly, with more than 81 million tokens being sent to dead wallets. According to Shibburn, a Shiba Inu burn tracker, the burn rate has risen by 4,085.94% in the past 24 hours. Each Shiba Inu token sent to a burn address is intended to increase the total number of SHIBs removed from circulation.

The recent Shiba Inu token burn has brought the total number of burnt tokens to 410,726,232,655,518 SHIBs, leaving approximately 589,273,767,344,481 SHIBs in circulation. However, the value of the 81,649,878 SHIBs burned (approximately $2,039) is not enough to have a significant impact on the price of the underlying token. Nonetheless, community members view the increase in Shiba Inu’s burn rate as a positive sign, as it indicates renewed optimism and confidence in the future of the token.

The ultimate goal of the Shiba Inu burn campaign is to reduce supply to a level where price discovery is possible. Shiba Inu supporters are aiming for a long-term price of 1 cent, a price level that is currently not economically viable given the existing supply rate. Meanwhile, the Shiba Inu core team, led by Shytoshi Kusama, is rolling out new tools that could drive demand. One example of this is the launch of the Shibarium hard fork, which is expected to drive adoption by enhancing the versatility of the protocol. At the time of writing, the price of SHIB is up 0.55% in 24 hours to $0.00002498.