The latest figures from Shibburn, a blockchain tracker, indicate a slow yet distinct rebound in Shiba Inu’s burn rate after weeks of subdued activity. The data reveals that SHIB’s daily burn rate has increased by a whopping 111.43%, with a weekly rise of 19.48%. This signals a revival in momentum for SHIB’s deflationary mechanism.
The SHIB price stands at $0.00001161, marking a decrease of 1.68% in the last hour and 1.91% in the past 24 hours. The current market cap is $6,849,456,816, representing a 1.83% drop. The total supply of SHIB stands at 589,252,130,002,997.
The number of tokens burnt over the last 24 hours is 62,314,267, a significant increase of 111.43%, and over the past week, 132,657,003 tokens have been burnt, marking a 19.78% rise.
Although these weekly figures don’t match the ecosystem’s previous triple-digit burn surges, the uptick has sparked optimism within the SHIB community. The team had earlier scaled back burn activities, indicating weak on-chain demand and a decline in trading interest. This resurgence in the burn trend suggests a potential upward swing.
The SHIB burn strategy involves reducing the circulating supply and enhancing scarcity by dispatching large volumes of tokens to dead wallets. This strategy serves as a crucial indicator of SHIB’s adoption and potential performance.
The rebound in SHIB’s burn rate is linked to a recent surge in whale accumulations, following substantial SHIB inflows reported in recent days. U.Today reported massive SHIB inflows, with approximately a hundred and sixty billion tokens moving into SHIB over a two-day period.
This report reveals that large holders have considerably stepped up their accumulation following weeks of neutral movement, with daily net flows rising from nearly zero to over 80 billion SHIB.
As of now, data indicates a more than 120% increase in the inflow from SHIB’s large holders over the past 30 days. This indicates that high-profile investors are regaining interest in the asset, suggesting that SHIB whales may be fuelling demand and consequentially boosting the need to burn more tokens to maintain SHIB’s scarcity.
While the recent decision to cut back SHIB’s burn activity did not create bullish momentum for SHIB, as its price remained in the red zone on most days, the move to raise the burn rate has ignited optimism among investors. Many are now suggesting that a SHIB price explosion may be looming. This cautious optimism and renewed interest from high-profile investors could potentially signal a new phase for the coin’s performance and valuation.
