Popular meme coin Shiba Inu (SHIB) started the week with a massive increase in burn rate. According to data from Shibburn.com, the burn rate has increased by 7220% in the last 24 hours.
In total, 90,319,630 (90 million) SHIBs were sent to dead-unused wallets through the joint efforts of the meme coin community. The biggest contribution to the said increase in the combustion rate came from the 48 million incineration process. 48,855,841 SHIB were removed from circulation in the transaction that took place approximately 17 hours ago.
Combustion efficiency is arguably the most important deflationary feature in the Shiba Inu ecosystem. The aim is to gradually reduce the overall supply of the meme coin, thereby creating value for its users in the long run.
Shiba Inu (SHIB) price response
Despite the huge burn rate recorded today, the price of the Shiba Inu (SHIB) is down 1.38% to trade at $0.000007941. Meme coin actually entered a short-term uptrend, but could no longer resist the general downtrend in the market. On the other hand, the Shiba Inu maintains a 5% growth rate on a weekly basis, as an indicator of resilience.
With the burn rate sentiment, investors may begin to price this positivity in the near term, which could help reverse overnight losses.
You can follow the current price action here.