Shiba Inu Burn Rate Soars 1,072%, Is SHIB Ready for the Next Step?

Godfrey Benjamin

19.7 million Shiba Inu (SHIB) burned as burn rate climbs 1,072%

The Shiba Inu (SHIB) burn rate has seen a massive explosion, surging by over 1,072% in 24 hours. According to data from Shibburn, this burn rate has resulted in a total of 19,761,244 SHIB being removed from circulation.

Important Reality Check for Shiba Inu

When it comes to Shiba Inu, every little growth in its basic parameters is a major victory for the meme coin, the price of which has fallen as much as possible over the past few weeks. According to Cryptorank data, Shiba Inu has lost more than 32% of its value this month. The meme coin has been trading in a very tight range, from a low of $0.00001642 to a high of $0.00002627 over the past month.

With the burn rate resurgent, Shiba Inu could finally be on track to send its price on a bullish recovery path. At the time of writing, Shiba Inu is changing hands for $0.00001708, down 1.78% in 24 hours. With the burn rate increasing, this suggests that something big could happen for the token in the near term.

Although Shiba Inu is on track to end June on a bearish note, July looks very promising for the token. Historically, Shiba Inu has closed the month of July on a positive note twice since its inception. After the sharp decline it is experiencing right now, it could also repeat this growth trend over the next month.

Shibarium Square

As Shiba Inu battles for a price rebound, it will look to key applications within its ecosystem. Shibarium marks a go-to area for increased demand for SHIB.

According to market data, there has been a significant increase in contracts deployed on the protocol, suggesting that more usable applications are making their way into the ecosystem.

Over time, this and other stages of Shibarium can soon cause the price of the Shiba Inu to skyrocket.

About the Author

Godfrey Benjamin