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In a surprising turn of events, the burn rate of Shiba Inu (SHIB) tokens has witnessed an astronomical surge, reaching an astonishing 2,924.74% in the last 24 hours. Shibburn data reveals that an impressive 30,247,447 SHIB tokens were incinerated during this period, contributing to a total of 410.7 trillion tokens burned from the initial supply. The current max total supply of SHIB stands at 999.9 trillion tokens.
As the burn rate experiences an unprecedented increase, market analysts are keenly observing how this development will impact the price of Shiba Inu, which is currently priced at $0.000009519. Although the token has witnessed a minor dip of 0.50% in the last 24 hours and a 6.68% decrease over the past seven days, the surge in burn rate may act as a potential bullish catalyst.
Potential bullish catalysts
The consolidation of Shiba Inu’s price in recent days has left investors seeking signs of momentum. However, the notable increase in the burn rate is expected to positively influence the market dynamics by reducing the circulating supply. This decrease in availability could potentially drive up demand, potentially leading to an upward trajectory in the token’s value.
Adding to the positive sentiment, an Ethereum (ETH) whale has emerged from crypto hibernation to make a significant investment in SHIB. As previously reported by U.Today, the whale acquired a staggering 606.36 billion SHIB within the past 24 hours, amounting to a substantial investment of $5.80 million.
Furthermore, Robinhood, a prominent stock brokerage giant, has increased its holdings of Shiba Inu. Recent reports indicate that the Robinhood wallet now holds 36.684 trillion SHIB, with a market value of $350.34 million. This signifies an impressive addition of approximately 230 billion SHIB tokens within one day.
While Shiba Inu’s price performance has been relatively stable in the short term, the combination of a surging burn rate, notable investments from major players and increased adoption by platforms like Robinhood could pave the way for a more bullish trajectory in the coming days.