Shiba Inu Burn Rate Soars Beyond 10,000%: Here’s What It Could Mean

The most popular dog-themed commodity on the bitcoin market made headlines once more. This time, Shiba Inu [SHIB] was in the news for its large increase in burn rate rather than for the presence of shibarium. Over the past several months, the meme token has experienced triple-digit and even four-digit price surges. The asset’s burn rate, however, reached over 10,000% today.

SHIB’s burn rate at the time of writing was 10,129%. The most recent action by Crypto.com has been connected to this sudden rise. In the last 24 hours, the greatest burn of 19,400,000 was recorded by wallet address 0x463…758. According to Etherscan data, the wallet address belongs to Crypto.com, which executed the transaction on February 7, 2023.

Overall, 20,929,491 SHIB tokens were burned throughout the day according to Shibburn. The quantity of Shiba Inu tokens in circulation decreased as a result of the burn, which was fueled by a total of 4 transactions.

The price of SHIB is anticipated to rise as burns increase. At the time of publication, the meme token had risen 1.35% on the day and was trading at $0.00001413.

The advent of Shibarium is likely to increase the frequency of burns of this scale in the ecosystem. As long as this continues, Shiba Inu’s price might eventually drop a zero and reach the $0.0001 mark.

Shiba Inu On A High Streak

The Shiba Inu network seemed to be having a terrific day. As of earlier today, there were 1.3 million holders of the meme currency, marking a new milestone. The network’s overall number of unique addresses has been hovering around 1.2 million zones for a while.

However, the network now has 1,300,815 addresses in total. There are an additional 14,645 active SHIB addresses in total. The impending launch of Shibarium was widely believed to be the cause of this surge.