Shiba Inu's daily burn rate jumped 441% after wallets destroyed 41.8 million SHIB in 24 hours. The surge follows a 22% price rally that has pushed the token back above the $0.000005 mark.
Shiba Inu's network activity spiked just days after the token's price broke out, with burn activity surging 441% in a single day. The move signals renewed momentum across the SHIB ecosystem.
The broader crypto market rebound has driven fresh interest into major assets, and SHIB has been no exception. SHIB's price jumped 22% over the last day, and that rally has now coincided with a sharp pickup in tokens being sent to unrecoverable wallets.
SHIB supply shrinks by 41.8 million tokens
Data from Shibburn shows 41.8 million SHIB moved to dead wallets in the last 24 hours. Burn activity had been barely noticeable in recent days amid a broader slowdown, which makes the jump in tokens destroyed a 441% increase in the burn rate over the same period.
Because burning removes SHIB permanently from circulation, the pickup in destroyed tokens adds to the coin's scarcity at a moment when demand for it is also increasing, and market participants have taken notice as the token's price rallies.
Shiba Inu holds its price gains
After a parabolic move last week, Shiba Inu has kept its bullish footing, trading steadily above the $0.000005 mark despite weeks of sharp swings. The rally has renewed optimism in the SHIB community that the token could soon remove a zero from its price.
Source: U.Today
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