Shiba Inu ETF Craze Triggers Over 3,600% Burn Rate, Price Rally Ahead?

Notably, one transaction destroyed more than 90% of the entire burn. According to data from the Shibburn website, the transaction, carried out about 20 hours ago from press time, moved exactly 69 million SHIB tokens to a burn address. An hour before that, about 1.17 million SHIB were burned.

The other recorded transactions destroyed below 500k SHIB tokens. So far, the dedicated Shiba Inu community, popularly known as the SHIB army, has successfully removed over 410.7 trillion SHIB from circulation, remaining a staggering 583.3 trillion.

It is important to note that the idea behind the burn mechanism is to drastically reduce the amount of SHIB in circulation to a point where demand can exceed supply. This can then increase the value of the asset, reaching desired heights. While the total amount of SHIB in circulation is still significantly large, the community members are resilient in their quest and it will be interesting to see how it plays out in the future.

Shiba Inu (SHIB) Price Movement

While the burn rate for Shiba Inu is skyrocketing, its price is taking a different direction. According to data from CoinMarketCap, the price of SHIB crashed by 4.04% over the last day to trade at $0.0000159. However, its one-day trading volume has grown by 21.36% to rest at $233.6 million.

Notably, SHIB has traded between the lows and highs of $0.00001592 and $0.00001703 respectively, representing an 81.4% drop from its all-time high of $0.00008616 attained during the bull run in 2021. On the weekly chart, SHIB has gained about 19.42% and has dropped by 28% on the monthly chart.