Shiba Inu Sets 81 Million SHIB Ablaze as Burn Rate Soars 4,085%

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Shiba Inu (SHIB) has seen a significant recovery in burn rate with over 81 million tokens sent to dead wallets.Data from Shiba Inu Burn Tracker Shibburn peg The burn rate over the past 24 hours was 4,085.94%.

Accumulates in contracted SHIB

Every Shiba Inu sent to an incineration facility is designed to contribute to the overall SHIB that is removed from circulation. The latest Shiba Inu incineration brings the total incinerated to 410,726,232,655,518 SHIB. This leaves approximately 589,273,767,344,481 SHIB in circulation.

Whether SHIB investors’ expectations for this incinerated token will be met remains a volatile issue. The value of 81,649,878 SHIBs burned is equivalent to approximately $2,039, but this valuation is not enough to cause a significant increase in the price of the underlying token.

Shiba Inu burn chart.Source: Siban

However, a spike in the Shiba Inu’s burn rate will help reset community members’ optimism. This also confirms the community’s confidence that once the SHIB burn portal is launched, it will deliver the expected results.

With SHIB forces willingly burning tokens, we can expect even more severe deflation once autoburn begins.

ultimate target

The ultimate goal of the Shiba Inu burn campaign is to reduce supply to a level where price discovery can be recorded. In the long run, Shiba Inu supporters hope to keep the price at 1 cent, a price level that is not economically possible at current supply rates.

While it is unclear when this will be achieved, Shiba Inu’s core team, led by Terutoshi Kusama, is introducing new utilities that can drive demand. The launch of the Shibarium hard fork is an example of how the protocol’s versatility can be enhanced to accelerate adoption.

At the time of writing, SHIB price was up 0.55% in 24 hours to $0.00002498.

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