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Godfrey Benjamin

Shiba Inu burn rate soars more than 26,000% in new push to become massively deflationary

Shiba Inu (SHIB) is seeing a slight slip in its price relative to the general market momentum today. The meme coin is trading at a spot price of $0.000008797, down by 0.87% over the past 24 hours. Per data from CoinMarketCap, the meme coin is still up in the green over the past week, during which it has inked marginal 0.40% growth.

Notably, Shiba Inu token is exhibiting defined growth in terms of its burn rate. This metric shows, according to the Shibburn tracker, the burn rate has soared as high 26,450% over the past 24 hours.

Image Source: Shibburn

With this parabolic burn rate, more than three billion SHIB tokens have now been sent to a dead wallet, complementing the losses recorded on this metric for the past few days.

The Shiba Inu burn rate is an important metric that shows how much of the token is removed from circulation, thus showcasing how the meme coin is deflationary. Deflation is a major consideration for investors, and chances are that SHIB bulls may leverage this metric to go on a defined bullish push for huge returns in the near future.

Shiba Inu burn rate and price correlation

Among the digital currencies around today, Shiba Inu can be regarded as the one with the most definitive burn mechanism. Since its inception, core developers have been committed to fostering transactions that will compound the total tokens sent to the dead wallet as a means of drastically reducing the overall supply over time.

Oftentimes, the burn rate has been connected with bullish price jumps, and the consistency in the burning can be a game-changer in predicting the short-term price outlook for the meme coin. With Shibarium recording massive transactions that has the tendency of contributing to the burn rate, the future of the entire protocol and its projected price gain is bright.

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