The token burn rate of the Shiba Inu (SHIB) meme coin has increased significantly during the current bearish trend. Shibburn, a platform that tracks the burning of SHIB tokens, has data indicating an over 300% increase on Wednesday, June 12. Furthermore, the community burned about 232 million SHIB tokens.
Increased Coin Burn Rate for Shiba Inu
The price of Shiba Inu coins dropped during this notable increase in token burning. The burn rate can increase the token’s value by reducing the amount of SHIB in circulation. According to Shibburn’s stats, the SHIB token burn rate increased by an incredible 3010.53% in the last day.
Through several transactions, the Shiba Inu community burned 232.64 million SHIB tokens. Furthermore, as the SHIB burn rate increased, one wallet address became noticeable. During a single transaction, the wallet address 0xd9a burned a massive 225.63 million SHIB tokens by transferring them to a dead wallet.
Two more wallets contributed significantly as well, burning nearly a million tokens in various transactions. The second wallet, 0xa9d…, transferred 3.18 million SHIB coins to a dead wallet through two transactions. A defunct wallet also received 1.69 million SHIB from another address, 0xc58.
To further increase the burn rate, other members of the Shiba Inu community carried out additional smaller token burning. Consequently, an astounding 410.72 trillion SHIB tokens have been incinerated in total.
Possible Effect on the Cost of SHIB
On Wednesday, the SHIB price is down 2.36% to $0.00002196. Conversely, the market valuation of the Shiba Inu meme currency is $12.96 billion. On the other hand, SHIB’s 24-hour trading volume rose by 30.12% to $816.98 million. Given that $1.34 million worth of long liquidations were recorded the previous day, this jump may be the result of a spike in selloffs.
The price of Shiba Inu is currently well below the critical resistance level of $0.000025. Overcoming this barrier might enable the SHIB price to climb to $0.00003 in the near future. Additionally, if the momentum continues, this upward movement may push the value of Shiba Inu to $0.00005.
Furthermore, maintaining the $0.00005 level might help the cryptocurrency reach its lofty goal of $0.0001. However, SHIB has a long way to go before hitting its all-time high of $0.00008845. Furthermore, the general tendency is still negative.
The SHIB price must rise over $0.000025 to reach these high-end objectives, significantly higher than its all-time high. Though nothing is clear, the fast burn rate and the excitement surrounding the Shiba Inu ETF may have accelerated its comeback.
