Shiba Inu (SHIB) Torches 110 Million Tokens as Burn Rate Shoots up 2,355%

Shiba Inu SHIBUSD has recorded mostly bearish slumps in all metrics since the start of April and the new quarter. However, data from Shibburn.com shows that the burn rate of the meme coin has hit a major recovery ride, soaring as high as 2,355.86% over the past 24 hours. With this upsurge, it has seen as much as 110,474,927 SHIB sent to dead wallets.

Shiba Inu has always relied on the burn rate metric as a major catalyst to revive interest in digital currency. The current Shibburn data shows a defined commitment to the deflationary move from members of the ShibArmy as several wallets contributed to sending SHIB to the dead wallet.

One of the most significant transactions involved in this latest burn schedule involves 105,469,546 SHIB moved by a wallet address with the marker "0x7d0c...b521f." Other transactions like the 3,370,930 SHIB sent from "0xdfff9e...cca3b" and 1,306,865 SHIB from "0x420801...c6836d" also add up to the whole.Shiba Inu Burn Chart. Source: Shibburn.com

With the latest 110 million SHIB burnt, the overall Shiba Inu tokens destroyed now stand at 410,724,538,934,667 units, with the circulating supply still pegged at 589,275,461,065,332 SHIB.

Shiba Inu price reboot

With this uptick in burn rate, the general expectation is that the price of SHIB will also jump back to green days. At the time of writing, data from crypto analytics platform CoinMarketCap pegs the price of SHIB at $0.000027, down by 5.95% in the past 24 hours.

SHIB has recorded a major high of $0.00004534 over the past month from a low of $0.00001987. With the burn rate metrics reviving sentiment and the impact of SHIB whales, the price of the meme coin may return to its best days in a bid to retest its all-time high (ATH) in the long term.