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SHIB Burn Rate Spikes 1720% After Shiba Inu Price Cools Down

31 Oct, 20222 min readOther
SHIB Burn Rate Spikes 1720% After Shiba Inu Price Cools Down

The recent rise in SHIB quotations has triggered changes to the cryptocurrency's burn rate numbers. One of the most interesting was SHIB's burn rate reaching 1,720% today, after the coin's quotes cooled slightly.

According to CryptEye data, such a high figure resulted in the burning of 44 million SHIBs in a single day, representing 41.9% of all tokens burned in the last seven days. Yet despite the three-digit burn rate and the six-digit number of SHIBs sent to "dead" addresses, their equivalent value does not exceed $525.

Fall in SHIB burning process

It is also worth noting that a few days before the SHIB price rallied, when its value increased by half in two days, token burning made a leap in favor of an increase. Thus, from Oct. 23 to 27, the number of SHIB burned increased by 16.9%.

At the same time, globally, the number of SHIBs being burned has reached a plateau since the beginning of autumn. As reported by U.Today, Shiba Inu token burning has fallen by 60.6% since September. This trend is continuing and, judging from the one-year graph, is a normal state of affairs. Against this background, the period from mid-July to the end of August seems abnormal. The Shiba Inu total supply was then reduced by 7 billion SHIB at a time.

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