Shiba Inu (SHIB) Burn Rate Skyrockets 7,911% as Price Eyes New High

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Shiba Inu (SHIB) is back on track after its burn rate picked up a massive surge for the second time. After igniting by over 14,000% on Oct. 14, the meme coin has soared further by 7,911%. With the latest burn rate surge, 281,888,884 SHIB were finally sent to dead wallets today.

What growing burn rate means

For Shiba Inu, the burn rate signifies many things. First, it shows the project's and community's commitment to deflating the excess supply. Second, it shows how healthy the protocol is in a given time period, as higher burn rates show positive sentiment on the market overall. 

With the recent burn rate, Shiba Inu has increased the total burnt tokens to 410,731,181,056,899 SHIB. Drawing on this, the token’s circulating supply is now down to 583,538,056,599,858 SHIB.

The biggest contribution to this burn rate comes from a wallet with the address "0xa9d…3e43." This community member burnt a total of 277 million SHIB.

The community remains committed to reducing this circulating supply so the price might gain appreciable value. The burn rate is typically pitched alongside price rallies, and for now, every Shiba Inu performance metric is in a positive range overall.

Price impact

Today, a general sentiment boost in the Shiba Inu ecosystem has impacted prices. At the time of writing, the SHIB price was changing hands for $0.00001837, up 1.87% in 24 hours. Notably, the token has seen mild growth over the past week in its attempt to breach the $0.00002 price level.

While the "Uptober" rally has yet to form in the SHIB ecosystem fully, the price appears on track to retest new highs. Despite the recent failure to push toward the $0.00002 target, the positive burn rate might help it achieve this milestone if sustained.