7.8 Million SHIB Sent to Dead Wallet as Burn Rate Shoots up 3,348%

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The targeted recovery of the Shiba Inu (SHIB) meme coin project is all-encompassing, with the burn rate skyrocketing as high as 3,348% in 24 hours. Per data from Shibburn, a total of 7,843,196 SHIB has now been sent to inactive addresses.

The burn rate has remained a major test of the ecosystem's health. When the burn rate is low, it most certainly implies that community sentiment is also low. The reverse holds true and is marked by expectations of price growth overall.

Per the Shibburn data, 410,728,805,282,532 SHIB have now been burnt from the total supply. This leaves the meme coin project with a circulating supply of 589,271,194,717,467. Staking of SHIB is part of the activities that contribute to reducing the scarcity of the token. The Shibburn data also shared insights into the total staked amount, which comes in at 5,798,949,778,995 SHIB.

To further drive this SHIB torching agenda, the developer team recently launched the Shibarium burn portal to automate the process. While this has not facilitated the burning of billions, it has changed the game in a way that might encourage future boosts in this regard.

Is Shiba Inu set for bullish rally?

Despite the latest Shiba Inu burn boost, the price of the digital currency has still gone down in the past 24 hours. The meme coin has fallen by 0.35% in 24 hours to $0.00001335. Though the trend is bearish for now, the sell-off appears to be thinning out. 

The SHIB token has even reversed its trend from a sharp drop to a low of $0.00001302 in the past 24 hours. This thinning out trend might fuel a much-needed recovery for the meme coin in the near term.

Recent bullish signs show that SHIB is set for a major rally. It might only be a matter of time before this fully materializes.