U.Today - Shiba Inu (SHIB) is starting the week on a positive note as its deflationary metric, the burn rate, just soared to a new unprecedented level. data from Shibburn, the burn rate is up by more than 283%, with a total of 55,399,172 SHIB tokens sent to dead wallets overnight.
According to a review of the Shibburn data, there are more wallets involved in the incineration of these SHIB tokens than before. Tiny chunks of the tokens, rather than a lump sum, are now being burnt, showing the deflationary tendencies of Shiba Inu are becoming more decentralized.
SHIB Burn Chart. Source: With the consistency in the burn rate thus far, overall SHIB tokens sent to dead wallets have far surpassed 410.6 trillion, a figure that is gradually keeping pace with the circulating supply of over 579 trillion SHIB tokens.
The Shiba Inu is coming at a time when the broader digital currency ecosystem is experiencing a bullish comeback from the lows recorded over the past few weeks. The positive burn rate can serve as a push for SHIB investors to go all out on the token in hopes it will help drive a rally.
Potential impact on price
As far as the Shiba Inu token is concerned, there are a lot of helping to drive growth within its ecosystem. After a period of long negative drawdown, the combination of all these bullish triggers is needed to not just help SHIB maintain its current support but to also break a new resistance.
The token is up by 1.3% to $0.000007119 at the time of writing, data from CoinMarketCap. At this pace, it is on track to first pare off its weekly losses and then retest the resistance point at $0.0000075 in the near to long term.