Despite the cryptocurrency market continuing to show bearish signals on major cryptocurrencies, the performance of the token
It may have flipped positive on this key metric.
Data from the on-chain tracking service reveals an astonishing rise in SHIB consumption rate, with millions of tokens being wiped from circulation in the past 24 hours.
The consumption rate has risen by 12,285.94%
With the massive increase in SHIB consumption rate of 12,285.94% in just one day, the Shiba Inu (SHIB) meme token has permanently removed 12,385,936 tokens from circulation on June 20.
This rapid increase in SHIB token consumption has drawn widespread interest in the cryptocurrency ecosystem, especially with the consumption rate having continuously declined over recent weeks. Therefore, the five-digit increase today reflects a notable recovery, as demand for the token seems to be returning to its previous levels.
The withdrawal of millions of SHIB tokens from circulation recently has reduced the circulating supply of SHIB to 584,525,215,730,881, highlighting the ongoing commitment of the Shiba Inu team to enhance scarcity and elevate the value of the leading meme token.
What’s next for the price of SHIB?
While the SHIB team remains committed to the deflationary project strategy, SHIB holders are closely monitoring this activity to anticipate potential price movements.
Token burning is a crucial part of the long-term Shiba Inu roadmap. By sending tokens to hard-to-access wallets, the team permanently removes these tokens from circulation. This sharp increase in consumption rate is significant for Shiba Inu investors, as a decrease in supply can enhance demand. This indicates increased activity on the chain, which may boost the currency's value.
Despite the sharp rise in this important indicator, the price of Shiba Inu has not yet responded and continues to trade in the red zone. However, holders of the token remain optimistic that this increase in consumption rate may signal a short-term price recovery.
While this recent consumption is among the largest in recent weeks, it reinforces the strong commitment of the Shiba Inu community and its developers to manage the token supply.