Shiba Inu Burn Rate Jumps Overnight, Tracker records over 286%

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  • Shibburn reported a 286.9% increase in Shiba Inu burn rate following a decline in the previous week.
  • According to the post, over 177 million tokens were burned from 12 transactions.
  • Shibburn said the Vitalik Buterin burn helped the token reach its all-time high performance.

Shiba Inu burn tracker Shibburn reported an increase in SHIB burn rate after a series of declines last week. In a post on X, formerly Twitter, the data tracker shared a snapshot that showed that the burn rate jumped by 286.9% in the last 24 hours.

According to the post, over 177 million SHIB tokens were burned within that period. These tokens came from a total of 12 transactions. As recently covered, the Shiba Inu team had doubled down on burning the tokens lately. Since the start of the month, over half a billion tokens have been burned.

Meanwhile, the data tracker continues to engage in debates with the crypto community about the effect of Vitalik Buterin’s SHIB burn on the token’s price. According to Shibburn, Buterin burning 90% of the token he was given aided the growth of the token.

Referencing a price chart snapshot, the data tracker added that if Buterin had sold the tokens he was given, then the price would have reached $0.0004225 instead of its all-time high of $0.00008845.

The analysis given once again illuminates the reason behind the increased Shiba burn. Following a prolonged market decline, many cryptocurrencies have struggled to pick up, equally affecting the price of SHIB. 

The Shibarium launch, which many expected to cause an upturn in SHIB’s price, hadn’t impacted much on the token’s price. But with the burn, the team plans to reduce supply in order to boost demand for the token. So far, over 410 trillion SHIB tokens have been burnt.

Elsewhere, SHIB’s price continues to underperform, starting the week in red alongside other cryptos. At present time, the price is down 4.22% in the past 24 hours, according to data from CoinMarketCap. The trade volume is, however, up 57% in the same period.