The crypto market continues to show signs of bearishness in major cryptocurrencies, but Shiv has turned bullishness over this key metric.
Data from Chain Tracking Service Shivburn reveals an astounding five-digit spike in Shiv’s burn rate as millions of Shiv’s tokens have been wiped out of the circulation over the past 24 hours.
Shiv rises 12,285.94%
With Shib’s burn rates skyrocketing by just 12,285.94% in a day, the dog-themed meme token Shiba Inu (Shib), saw a total of 12,385,936 Shib tokens that were permanently removed from the circulation on June 20th.
This rapid surge in Sib’s burn rates has sparked interest across the crypto ecosystem, particularly as tokens have experienced consistent low burn rates over the last few weeks. Therefore, the five-digit increase seen today reflects a noticeable revival as demand for tokens appears to be returning to its early levels.
With the latest removal of millions of Shiv tokens from the circulation, Shiv’s circular supply has reduced to 584,525,215,730,881, highlighting the Shiba Inu team’s continued commitment to creating rarity and increasing the value of key meme coins.
What’s next for Shibu Price?
While the SHIB team remains committed to the project’s deflationary strategy, SHIB holders are closely monitoring this activity to predict potential price movements.
Token Burns is an important part of Shiba Inu’s long-term roadmap. By sending tokens to inaccessible wallets, the team effectively removes them from the circulation forever.
For SHIB investors, this rapid increase in burn rates is important. This is because a decrease in supply could potentially increase demand. This suggests growth in on-chain activity and could be bullish for tokens.
Despite this surge in key metrics, Shib Price has not yet responded and continues trading in red. Still, holders are optimistic that this revival of burn rates could indicate a short-term price recovery.
This latest burn has been one of the biggest burns in recent weeks, but it highlights the strong commitment of the Shiba Inu community and developers to manage Token’s supply.