Shiba Inu (SHIB) saw a significant jump in its burn rate on Christmas Day. This means a lot more SHIB tokens were sent to “burn addresses,” essentially removing them from circulation.
A 42% Burn Rate Increase
Data shows a whopping 41.87% increase in SHIB burns compared to the previous day. While not the biggest spike ever, the timing is interesting – it happened while the SHIB price was actually dipping.
Millions Burned, Price Jumps
Over 7.3 million SHIB tokens were burned in 24 hours, with individual transactions ranging from a few thousand to over 4 million SHIB. Surprisingly, this burn surge coincided with a 3.5% price increase for SHIB in the same period. This could signal a positive shift.
Burning Questions: Will the Trend Continue?
Why is this important? Burning SHIB creates deflation, potentially boosting its value over time. High burn rates also often reflect increased activity within the Shiba Inu ecosystem, which usually correlates with price increases. It’s not a guaranteed price rocket, but it’s a good indicator of interest. Plus, projects like Shibarium (Shiba Inu’s layer-2 network) contribute to burns by converting transaction fees into SHIB and then burning them.
The Current Situation
At the time of writing, SHIB is trading at $0.00002305, up 3.5% in the last 24 hours but still down about 10.71% over the past week. If this increased burn rate continues, it could lead to a more sustained price recovery.
