SHIB Burn Rate Spikes 1,720% After Shiba Inu Price Cools Down

Nov 02,2022
SHIB Burn Rate Spikes 1,720% After Shiba Inu Price Cools Down

The recent rise in SHIB pricing has caused changes in the digital currency burning rate. Among them, the most interesting thing is that the burning rate of SHIB today reached 1720% after the coin price was slightly cold.

According to CryptEye's data information, such high data results in the burning of 44 million SHIBs in a single day, accounting for 41.9% of all tokens burned in the past seven days. However, although there are three digit burn rate and six digit SHIB sent to the "dead" detailed address, their equivalent is not more than 525 dollars.

Drop during combustion of SHIB

It is also important to note that a few days before SHIB's price rises, when its use value has risen by half in two days, token burning appears to be beneficial to the rise. Therefore, from October 23 to 27, the total number of burned SHIBs increased by 16.9%.

In addition, internationally, the total number of burned SHIBs has reached a plateau since the beginning of winter. It is reported that since September, the burning amount of Shiba Inu tokens has decreased by 60.6%. This trend has been continuous. From the year's data chart, it is a normal situation. In such an environment, the period from mid to late July to the end of August seems abnormal. The total supply of Shiba Inu decreased by 7 billion SHIB at one time.