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As the SHIB community stays committed to its deflationary system, it has continued to burn Shiba Inu meme coins relentlessly.
A massive resurgence in this metric has seen millions of SHIB tokens destroyed today, according to the latest data from on-chain tracking platform, Shibburn.
According to the data, the burn rate skyrocketed by an impressive 12,833% on Friday. This explosive increase in SHIB’s burn rate over the last 24 hours was fueled by the increase in the amount of SHIB destroyed during the period.
Notably, a massive 13,090,171 SHIB has been sent to dead wallets, thus rendering the tokens unspendable and lowering the total supply.
This major move has seen the total circulating supply of Shiba Inu tokens decline to 584,532,038,460,906 — a move that seeks to increase scarcity, potentially fueling a surge in the price of the token.
Further data provided by Shibburn shows the recent burn transactions that fueled the surge in this key metric. The massive SHIB burning happened in just three transactions.
The largest transaction saw over 7.5 million SHIB being moved to an unspendable blockchain wallet in a matter of minutes from an anonymous address.
Nonetheless, aside from the above-mentioned 7.5 million SHIB, the other two transfers on the burn list for the day carried 119,379 and 267,141 SHIB to inferno wallets.
This massive five-digit spike in SHIB burn rate was preceded by several days of consistent lows. As such, the surge has seen bullish reactions from community members as it has reignited investor confidence in the future potential of the SHIB token.
While the surge in this important metric coincides with the broad crypto market’s sharp resurgence during the late hours of the day, SHIB holders are optimistic that this could be the start of something big for the price of the token.
However, it is important to note that SHIB’s burn rate does not have a direct impact on the price of the token in the short term, as it only seeks to fuel scarcity which, in the long run, could potentially cause the value to increase.