Shiba Inu (SHIB) has witnessed a dramatic surge in its burn rate, despite the recent slump in the market. The asset has continued to fluctuate within a defined range following a drop below $0.000008.
Surprising Spike in SHIB’s Burn Rate
Shibburn, the unofficial community-driven Shiba Inu burn tracker, has reported this significant surge in its most recent updates. The data suggests that SHIB’s burn rate has increased by a whopping 393% over the past 24 hours.
This sudden increase paints a favourable image for the future of Shiba Inu. However, the 393% burn rate surge, which saw a burn of 155.9 million SHIB tokens in the last 24 hours, pales in comparison to the historical burn data and the broader burn campaign.
A Downward Trend in Weekly Burn Rate
Despite the daily increase, the burn rate has taken a noticeable dip over the past week. Currently, the weekly burn rate stands at a mere 358.6 million SHIB tokens. At this current rate, it would take more than half a century (53 years) to burn 1 trillion tokens from the staggering supply of 589 trillion.
The discouraging burn rate has led the community to rally for strategies to increase token burns. Shibarium, the upcoming layer-2 scaling solution, is expected to help in this endeavour and add utility to the SHIB ecosystem.
Major Whale Moves Amid Price Decline
Simultaneously, Shiba Inu whales have been shuffling large amounts of the asset between exchanges. Recently, a notable whale transaction was recorded, involving an outflow from BinanceUS, as reported by Whale Alert.
Interestingly, a whale address received an inflow of 2.416 trillion SHIB (equivalent to $18.94 million) at 8:52 PM (UTC) on July 19. Although the recipient address is suspected to be affiliated with BinanceUS, the exchange has yet to confirm this.
SHIB Still Shows Positive Gains
Shiba Inu has struggled to maintain its position above the $0.000008 mark, amidst a market-wide rally induced by the SEC vs. Ripple ruling. Despite this, SHIB has managed to retain a gain of 4.27% over the past week and has appreciated by 0.90% in the last 24 hours. At the time of writing, the asset is trading at $0.00000780.