Shiba

Based

Burn

Shiba Inu

<figure>
 <figcaption>
 Cover image via <a href="https://u.today/" rel="noopener noreferrer nofollow">U.Today</a>
 </figcaption>
</figure>
Shiba Inu (SHIB) is picking up momentum as concerns its burn rate metric after it recorded its lowest daily plunge in weeks. Data from Shibburn&nbsp;<a href="https://www.shibburn.com/" rel="noopener noreferrer nofollow">reveals</a> that a total of 12,143,493 SHIB have been sent to dead wallets in the past 24 hours, a figure that represents 105% growth from the previous level. With this jump, Shiba Inu is reinstating its status as a&nbsp;<a href="https://u.today/shib-burn-rate-jumps-7700-as-shiba-inu-price-aims-new-move" rel="noopener noreferrer nofollow">deflationary protocol</a>.
Based on the Shibburn figure, at least three distinct wallets were involved in sending more than one million SHIB to dead wallets, with figures ranging from 1,406,204 to 4,747,015.&nbsp; <img data-entity-type="file" data-entity-uuid="eb538694-0443-408f-8415-a4f91b16b0de" src="https://u.today/sites/default/files/inline-images/SHIB%20BURN%206.jpg">SHIB Burn Chart. Source: <a href="https://www.shibburn.com/" rel="noopener noreferrer nofollow">Shibburn</a>
The price of Shiba Inu is, however, not reflecting this current burn rate surge as the token is currently trading at $0.000007676, down by 3.67%. Though the price is moving in the opposite direction from the&nbsp;<a href="https://u.today/shiba-inu-shib-burn-rate-soars-567-heres-how-price-reacts" rel="noopener noreferrer nofollow">positive burn rate</a>, there is proof of sustained buying interest, as showcased in the 40% jump in trading volume to $161,683,039.
With the mixed performance signals, we can expect some impacts in the short term that may help trigger price recovery across the board.
<h2 id="place-of-shibarium">Place of Shibarium</h2>
It is difficult to talk about Shiba Inu's performance today without mentioning the role of Shibarium, its Layer-2 scaling solution. Shibarium serves as another channel to burn SHIB, and with the growth of decentralized applications and NFT marketplaces, it is helping to&nbsp;<a href="https://u.today/shibarium-witnesses-35-million-transaction-milestone-after-493-surge" rel="noopener noreferrer nofollow">drive the mainstream adoption</a> of SHIB through increased demand.
Shibarium currently boasts of a&nbsp;<a href="https://www.shibariumscan.io/" rel="noopener noreferrer nofollow">daily transaction count of 21.39K</a> and as an added utility outfit, it can play a key role in driving not just the price of its native token BONE, but that of SHIB and other assets within the ecosystem.
Shiba Inu is a token with different facets, and the current uptick in burn rate might set the stage for a bullish November.

Shiba Inu (SHIB) Prints 104% Burn Rate Surge, Price Drops 3%

Table of Contents

U_Today

Other articles published on Nov 1, 2023

PEPE Masih Kuat Nanjak 60 Persen?

Ripple Labs releases 1 billion XRP from escrow

3 Potential Stocks Set Up for a Historically Performant November

OpenAI Rival Baidu Unveils Chatbot Ernie’s Paid Version

SEC to decide on Grayscale's spot Bitcoin ETF tomorrow

Turkey Prepares New Crypto Legislation in Bid to Get Off FATF “Grey List”

Join our free newsletter for daily crypto updates!