The Shiba Inu community burn marked a somewhat historic moment last day due to the amount of tokens burned. The scheme may have set a new record after burn rates rose by 499,416 per cent, according to data from burn tracking website Shibburn.
Impressive surge in Shiba Inu burn rates
The sharp increase in Shiba Inu burning rates shocked the community after hundreds of millions of dollars worth of tokens were taken out of circulation. According to Shibburn data, the token burn figure in the last 24 hours was over 264.2 million, a notable increase from the previous day’s figure of 2.7 million.
Interestingly, the 2.7 million figure recorded on Sunday represents a 5,000% jump in burn rates, suggesting renewed interest. But nothing can prepare a community for what happens next. By early Monday, 264.2 million tokens had been burned, effectively increasing the burn rate by 499,416%. This is one of the highest spikes in the history of the SHIB Burn Scheme.
Source: Shibburn
The spike in burn rate was caused by 13 transactions carrying tokens to dead (burned) wallets. However, the most notable of these transactions occurred on Monday morning when a single transaction on the Coinbase exchange sent a whopping 261.4 million tokens to a burn address.
This transaction alone accounts for approximately 98% of all tokens burned so far and is the only reason for the significant spike in burn rates. All other transactions during this period carried less than 1 million tokens, the highest being 777,777 SHIB in one transaction.
SHIB price begins another downtrend | Source: SHIBUSDT on Tradingview.com
Could this spike send SHIB price to $0.1?
The reason for the Shiba Inu community burn is to help increase the value of the token by reducing the total supply of tokens in circulation. To date, more than 50% of the total SHIB supply has been incinerated, but there is still a long way to go.
With over 500 trillion tokens still in circulation, the current burn rate will take decades to secure supply to the point where the price can realistically reach $0.1. However, this does not mean that the potential for price appreciation for digital assets is eliminated.
Shiba Inu is still very optimistic as it is one of the strongest communities from a current perspective. In a bull market, the price is expected to once again reach an all-time high of $0.00008, which would be 10 times the current price.