Shiba Inu Burn Rate Explodes 7,240% With 1.1 Billion Tokens Burned In 24 Hours, What’s Driving It?

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The Shiba Inu burn ratehas experienced a dramatic surge, exploding by an astonishing 7,240% in just one day. This massive surge has led to the removal of over 1.1 billion tokens from circulation, effectively reducing the token’s significant supply. The latest sharp increase in SHIB burns have also caught the attention of the crypto market, bringing focus to the factors driving this substantial surge and its potential impact on the meme coin.  What’s Driving The Surge In Shiba Inu Burn Rate 

Shibburn, a token burn tracker, has reporteda massive 7,240.75% increase in Shiba Inu burn ratein the past 24 hours. Astonishingly, this substantial token burn led to the permanent removal of approximately 1,104,706,719 SHIB tokens from circulation.  Related Reading Shiba Inu Burn Rate Sees Major 600% Jump In Only 24 Hours, Will SHIB Price Follow Suit? 1 week ago

Notably, the driving force behind this massive SHIB burn was identified to be a single wallet. This anonymous wallet address, ox6d0cf1f…, was responsiblefor more than 95% of this substantial Shiba Inu burn, sending approximately 1,000,148,675 SHIB tokens to a dead wallet. 

Following this, another address initiated a 100,000,000 SHIB burn, contributing to a significant amount of the burn activity. These combined efforts from Shiba Inu enthusiasts and community members have significantly impacted the circulating supply of SHIB, increasing the possibilities of a price surge in the meme coin. 

Typically, token burns are executed with the intention to increase scarcity and potentially drive up the value of a tokenover time. Since its inception in 2020, a total of 410.74 trillion SHIB tokens have been burnt from its initial supply of 999.98 trillion. 

Currently, the total supply of this meme coin stands at 589.2 trillion, reflecting a 41% decrease from its original amount. This reduction occurred in less than 5 years, marking a significant milestone for the Shiba Inu ecosystem. If burn rate continues to skyrocket, it could cause further deflation of supply, potentially leading to goals of many Shiba Inu community members, which is to drive the value of the meme coin to over $1.  SHIB Price Dips Seen As Golden Opportunity

Despite the increase in Shiba Inu’s burn rate, its price has remained unaffected, even decliningby over $8.3% in the past week. The doggy-themed meme coin crashedfrom its previous high above $0.00002 to $0.0000186 as of writing.  Related Reading Shiba Inu Price Gearing Up To Fly After Lows, Here’s The Target 2 weeks ago

While Shiba Inu faces this bearish trend, a crypto analyst SHIB Bezos, has highlightedthe significant buying opportunitiesinvestors could take advantage of during this time. The analyst suggests that at some point, Shiba Inu will become oversold, and sellers will eventually get “exhausted”, leading to a rise in the price of the meme coin. Ahead of this increase, SHIB Bezos urges investors to take advantage of dip opportunities to buy more SHIB tokens at a discount and HODL for a long term growth potential of about 5-10 years. SHIB trading at $0.000018 on the 1D chart | Source: SHIBUSDT on Tradingview.com Featured image from Unsplash, chart from Tradingview.com