The burn rate of $SHIB Inu has experienced a remarkable increase of 300% over the past week, with several hundred million SHIB tokens eliminated from circulation.
Recent statistics regarding the Shiba Inu burn rate have generated significant optimism, as more than 300 million coins were incinerated in the last week.
According to data from the burn tracker of this meme coin, a total of 327,103,078 SHIB tokens were removed from the supply within the previous seven days, resulting in a 300% rise in the weekly burn rate.
Shiba Inu Burn Rate Spikes 300% As 327,103,078 Tokens Burnt Weekly
A recent post on X by Shibburn, dated Friday, May 2, disclosed that the burn rate of Shiba Inu has increased by 300% on a weekly basis, as 327.10 million coins were sent to a null address.
The burn transactions from the previous week indicated that an unidentified wallet address was chiefly responsible for this significant rise.
According to the data, the unknown address '0x60812...' burned 263.70 million tokens just two days prior. This burn took place, noting that the SHIB burn rate had surged over 3000% within a single day.
The consequence? The circulating supply of the meme coin was reduced to 584.42 trillion at the time of reporting, with the total number of tokens burned to date assessed at 410.73 trillion.
Consequently, the prevailing market sentiments regarding Shiba Inu's long-term outlook have shifted positively.
Historical data indicates that while the short-term price impact remains minimal, long-term trends may lead to a supply shortage.
SHIB Price Today
The weekly price chart indicates a 4% decline, despite a significant increase in the SHIB burn rate observed over the last week.
Traders in the cryptocurrency market are perplexed by this contradictory price movement.
Nevertheless, the monthly chart reveals a 9% increase in value, which continues to inspire optimism among investors.
Additionally, data from Coinglass reinforces this optimism, highlighting robust market interest in the asset. The futures open interest for the meme coin stands at $181.82 million, a rise from $96 million at the beginning of April.
Furthermore, the volume in the derivatives market has surged by 13% today, reaching $132 million.
When combined with the recent spike in the Shiba Inu burn rate, these indicators suggest a potential bullish breakout for the token.
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