The Shiba Inu community is once again buzzing with optimism as Thursday saw a massive 3,800% surge in the SHIB burn rate. On-chain metrics have revealed that a whopping 284 million SHIB were destroyed in the last 24 hours, suggesting a bullish outlook for the meme coin’s long-term price prospects.
Shiba Inu Burn Rate Shot Up 3900% As 284M Coins Got Burned
According to the official tracker Shibburn’s data, the Shiba Inu burn rate shot up by a whopping 38299% in just 24 hours. This massive surge came as 283.74 million tokens were burnt from the supply.
Primarily, the wallet address 0x6081258689a75d2…887239fe was reported to be responsible for the lion’s share in the burn upswing as it burnt 263.70 million SHIB over the past day. In the upshot, broader market sentiments about such massive burns remain bullish, given the law of supply and demand.
It’s worth noting that the SHIB burn mechanism permanently reduces the supply by sending tokens to a null address, rendering them unrecoverable. In turn, this move severely impacts the meme coin’s overall supply and bodes well for long-term price prospects, reflecting optimism.
SHIB Price Still Saw Negligible Gains
However, despite the massive burn rate surge, SHIB coin’s price failed to realize any major gains and continued its consolidation on Thursday. At press time, the meme coin traded at $0.00001331, maintaining a trading session around the previous day’s levels.
It’s worth mentioning that the short-term impact of such massive burns is usually negligible, although historical data shows that it is bullish for long-term prospects. A total of 410.73 trillion tokens have been burnt to date, thanks to the Shiba Inu burn mechanism. Besides, 584.41 tokens are still left in circulation, per the tracker’s data.
A SHIB price prediction by CoinGape in the interim revealed that the meme coin could see a price rally shortly. This bullish projection comes on the back of strong technicals and bullish on-chain metrics. Notably, the dog-themed crypto is currently in an accumulation zone and the next key level to watch is $0.001364. Overall, broader market sentiments are bullish amid rising Shiba Inu burn rates and other bullish dynamics.
