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The ongoing consolidation on the market pushed forward a new frontline in the Shiba Inu (SHIB) ecosystem amid the search for balance. The burn rate skyrocketed by 612% overnight, becoming the only metric in the ecosystem with an uptick. Per data from Shibburn, more than 3 million SHIB were sent to inactive addresses, showcasing how committed the community is to deflating the SHIB supply.
Matching SHIB burn with price
The SHIB burn metric is considered a unique litmus test for the health of the meme coin project.
Following the burn rate, which removed exactly 3,244,007 SHIB, the total tokens now incinerated since inception is 410,743,144,711,926 SHIB. With this burn rate, 584,236,700,480,761 SHIB are now left in circulation.
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At the time of writing, the Shiba Inu burn rate moved in the opposite direction as the asset’s price. Per CoinMarketCap data, Shiba Inu’s price is down 2.42% in 24 hours, dropping below the $0.00002 support zone. Although the SHIB price outlook mirrors the broader trend on the market, it has succumbed more to bears.
Amid the growing sell-off, the trading volume dropped by 46.19% to $319.24 million, proving waning interest among traders. This is despite recent SHIB whale activities spotted in the ecosystem.
What’s next for Shiba Inu?
Amid the general uncertainty in the token’s price, the development team is focused solely on enhancing the protocol. With new operating systems like Fully Homorphobic Encryption (FHE) to drive privacy in the ecosystem, Shiba Inu is exploring new utilities.
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The Shiba Inu team is rolling out new products and drawing on the project’s long-term roadmap. With a recent pivot into the metaverse and plans for a continuous Shibarium chain upgrade, the team is positioning SHIB as the go-to ecosystem for meme lovers.
With Shiba Inu dropping below $0.00001987, the expectation is that the SHIB price has hit bottom and can start picking an uptrend to pare off losses in the short term.
