Shiba Inu burn rate rises as market recovers
Shiba Inu burn rate surges 567.83%, fueling bullish momentum amid market recovery.
Shiba Inu’s burn rate surged by 567.83% in the past 24 hours, fueling bullish sentiment as the crypto market shows signs of recovery.
Over 4.61 million SHIB tokens were permanently removed from circulation on Tuesday, significantly impacting the token’s supply dynamics, reports CoinGape.
Record Burn and Market Impact
According to an X post by Shibburn, the recent burn rate spike has contributed to a nearly 10% intraday price uptick for SHIB. The token’s burn mechanism, which sends coins to an unrecoverable null address, has historically reduced circulating supply and boosted market sentiment under the law of supply and demand.
In the previous month, nearly 1 billion coins were burned, and the circulating supply has now been pared down to 589.25 trillion tokens. Investors see these aggressive burn metrics as a positive indicator for SHIB’s future price performance, particularly amid a broader crypto market recovery.
Broader Crypto Market Recovery
The surge in SHIB’s burn rate coincides with a significant market rebound. Recent developments, including a 30-day halt on President Trump’s new tariffs for Canada and Mexico, have helped lift the overall crypto market. Bitcoin, for example, recovered to touch an intraday high of over $102,000, while other altcoins and meme coins mirrored similar recovery trends.
This renewed market momentum is prompting investors to reassess risk and opportunities across various digital assets, with SHIB’s aggressive token burn emerging as a standout catalyst.
Looking Ahead
While the recent volatility underscores ongoing market risks, the impressive burn rate and accompanying price recovery for Shiba Inu suggest that supply-reducing mechanisms remain a powerful tool in the crypto space.
As regulatory and macroeconomic factors continue to evolve, market watchers are keeping a close eye on whether SHIB can sustain this upward momentum. Investors should monitor future burn metrics and broader market trends, as sustained burn activity coupled with robust trading volumes may pave the way for further gains in the rapidly evolving digital asset landscape.
Recently we wrote, that Shiba Inu (SHIB) burn rate witnessed a massive 280% surge on January 30, igniting optimism among investors as the broader crypto market rebounded.
