The Shiba Inu community burn has marked a rather historic moment with the amount of tokens that have been burned in the last day. According to data from the burn tracking website Shibburn, the initiative may have just set a new record after the burn rate jumped 499,416%.
Shiba Inu Burn Rate Sees Impressive Spike
The drastic increase in the Shiba Inu burn rate has shocked the community after hundreds of millions worth of tokens were taken out of circulation. Shibburn data puts the token burn figure for the last 24 hours at over 264.2 million, a notable jump from its previous day’s figures of 2.7 million.
Interestingly, the 2.7 million figure which was recorded on Sunday amounted to a 5,000% surge in burn rate, suggesting renewed interest. But nothing would prepare the community for what would come next. Its 264.2 million tokens burned by the early hours of Monday, and the burn rate had effectively risen 499,416%, one of the highest spikes in the history of the SHIB burn initiative.
The spike in burn rate was a result of 13 transactions carrying tokens toward a dead (burn) wallet. However, the most notable of these transactions happened early on Monday where a single transaction originating from the Coinbase exchange sent a whopping 261.4 million tokens to the burn address.
This transaction singlehandedly accounted for around 98% of the total tokens burned so far and is the sole reason for the significant spike in burn rate. Every other transaction over this time period has carried less than one million tokens, with the highest being 777,777 SHIB burned in one transaction.
SHIB price begins another downtrend | Source: SHIBUSDT on Tradingview.com
Can This Spike Send The SHIB Price To $0.1?
The reason for the Shiba Inu community burn is to reduce the total supply of tokens in circulation which would help to increase the value of tokens. So far, there have been over 50% of the total SHIB supply burned but there is still a long way to go.
With over 500 trillion tokens still in circulation, the current burn rate would take decades to get the supply to a point where the price could realistically reach $0.1. However, this does not mean that the possibility of price increases is eliminated for the digital asset.
Shiba Inu is still very bullish from the current perspective with one of the strongest communities to boot. In a bull market, it is expected that the price would once again reach its all-time high price of $0.00008 which would be a 10x from its current price.
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Author: Best Owie