Shiba Inu (SHIB) Burn Rate Surges Over 2,900% in 24 Hours: Potential Impacts on Price Dynamics

Shiba Inu’s burn rate skyrockets by 2,924.74% in the last 24 hours, incinerating 30,247,447 SHIB tokens.
A total of 410.7 trillion tokens have been burned from the initial supply, with a current max total supply of 999.9 trillion tokens.

In a surprising twist, the burn rate of Shiba Inu (SHIB) tokens has experienced an unprecedented surge, soaring by an astonishing 2,924.74% in the last 24 hours. Shibburn data reveals that an impressive 30,247,447 SHIB tokens were incinerated during this period, contributing to a total of 410.7 trillion tokens burned from the initial supply. The current max total supply of SHIB stands at 999.9 trillion tokens.

Potential Bullish Catalysts

The consolidation of Shiba Inu’s price in recent days has investors seeking signs of momentum. The notable increase in the burn rate is expected to positively influence market dynamics by reducing the circulating supply. This decrease in availability could potentially drive up demand, leading to an upward trajectory in the token’s value.

Adding to the positive sentiment, an Ethereum (ETH) whale has made a significant investment in SHIB, acquiring 606.36 billion tokens within the past 24 hours, amounting to a substantial investment of $5.80 million. Additionally, Robinhood, a prominent stock brokerage giant, has increased its holdings of Shiba Inu to 36.684 trillion SHIB, with a market value of $350.34 million, signalling a notable addition of approximately 230 billion SHIB tokens within one day.

While Shiba Inu’s price performance has been relatively stable in the short term, the combination of a surging burn rate, significant investments from major players, and increased adoption by platforms like Robinhood could pave the way for a more bullish trajectory in the coming days.