During the prevailing bearish trend, the Shiba Inu (SHIB) meme coin has witnessed a remarkable increase in its token burn rate. Data from Shibburn, a platform that monitors the burning of SHIB tokens, shows a surge of nearly 3010% on Wednesday, June 12. Moreover, more than 232 million SHIB tokens were incinerated by the community.
Shiba Inu Coin Burn Rate Skyrockets
This significant rise in token burning occurred during a period when the Shiba Inu coin price was declining. By decreasing the circulating supply of SHIB, the burn rate has the potential to boost the token’s value. Over the past day, the SHIB token burn rate skyrocketed by an astounding 3010.53%, as per Shibburn’s data.
During this timeframe, the Shiba Inu community collectively burned 232.64 million SHIB tokens through multiple transactions. Furthermore, one wallet address stood out as the SHIB burn rate shot up. The wallet address, 0xd9a…, burned a whopping 225.63 million SHIB tokens by transfer to a dead wallet in a single transaction.
Additionally, two other wallets made significant contributions by burning over 1 million tokens across various transactions. The second wallet, 0xa9d…, moved 3.18 million SHIB coins to a dead wallet via two transactions. In addition, another address, 0xc58…, shifted 1.69 million SHIB to a dead wallet.
Other Shiba Inu community members also contributed by conducting several smaller token burns, further increasing the burn rate. As a result, the total number of burned SHIB tokens has reached an impressive 410.72 trillion.
Also Read: Shiba Inu Burn Rate Leaps 2955% Amid ETF Talks, Will SHIB Price Recover?
Potential Impact On SHIB’s Price
As of now, the SHIB price has dropped by 2.36% to $0.00002196 on Wednesday. Whilst, the Shiba Inu meme coin holds a market capitalization of $12.96 billion. In contrast, the 24-hour trading volume for SHIB increased by 30.12% to $816.98 million. This spike could likely be due to a surge in selloffs as $1.34 million long liquidations were noted in the past 24 hours.
Currently, Shiba Inu price is way lower than the crucial resistance point of $0.000025. According to an earlier report by Coingape, surpassing this threshold could allow the SHIB price to rise to $0.00003 in the near term. Furthermore, this upward movement could potentially drive the value of Shiba Inu to $0.00005 if the momentum sustains.
In addition, sustaining the $0.00005 level could push the cryptocurrency towards the ambitious target of $0.0001. However, to be fair, SHIB is still far from reaching its all-time high of $0.00008845. Moreover, the prevailing trend remains bearish.
Hence, the SHIB price must recover above $0.000025 to achieve these high-end goals, which is much higher than its all-time high. This recovery could be spurred by the rapid burn rate and the anticipation surrounding the Shiba Inu ETF, though nothing is certain.
Also Read: Shiba Inu (SHIB) ETF: Petition Tops 10,500 Supporting Signatures
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