- Shiba Inu tweeted about a 57 million token burn that happened in just 24 hours.
- With this news, Shiba Inu’s burn rate has surged over 1000%.
- Shiba’s spike in supply burn is contributing to the token’s upward price action.
Shiba Inu has experienced a significant spike in token burns over the last couple of days. However, recently they observed a whooping 57 million token burn that took place in just 24 hours. The Shibburn tracker shared on Twitter:
— Shibburn (@shibburn) August 29, 2022
This surge in burn rate has Shiba Inu token holders excited due to triggered gains. While the world’s biggest cryptocurrencies like Bitcoin and Ethereum are currently experiencing global losses, SHIB observed a surge in its asset price.
For the uninitiated, “burn rate” is a term used for the rate at which tokens are transferred to non-spendable wallets. Shiba Inu’s performance is directly associated with its burn rate. Hence, an increase in demand and a reduction in supply result in higher asset prices for the coin.
SHIB is currently the 12th largest crypto in the world with a market cap of over $8 billion. Currently trading below $1, the coin will soon cross that mark with rising expectations around Shiba Inu’s soon-to-be-launched 2-layer blockchain, Shibarium.
Moreover, Shib burn games developer, Travis Johnson, has introduced a new SHIB superstore portal, which contributed to the burning of 2 billion SHIB tokens. Simultaneously, Shiba Inu has also partnered with global e-commerce giant Amazon via an affiliate program, leading to an over 1000% surge in the token’s burn rate.