The Shiba Inu protocol has seen a major bump in its deflationary metric, the burn rate. According to data from Shibburn, this metric has jumped by 2,063% in 24 hours, with more than 20 million SHIB sent to dead wallets. This burn rate is notably symbolic for the meme coin ecosystem, serving as a Litmus test for the protocol’s health.
Shiba Inu burn rate and SHIB twist
According to the Shiba Inu burn data, exactly 20,860,510 SHIB were torched within a 24-hour period. Several wallets contributed to this quantity in varying proportions, including one address with the tag “0x541…886e0.” This wallet contributed a massive 14,521,134 SHIB to the total stash.
One wallet contributed even 20 SHIB, a sign that aligns with the team’s mantra of collective contribution. With consistent SHIB burns throughout this month, a total of 410,747,798,259,268 tokens have been burnt thus far.
According to the Shibburn data, 584,388,019,452,611 SHIB are left in circulation, setting the pace for more future burns. Despite this decisive action to burn as many Shiba Inu tokens as possible, the price of the asset remains in the red zone.
Market data shows that the SHIB price changed hands for $0.00001195, down by 1.99% in 24 hours.
SHIB karma and value boost
The Shiba Inu ecosystem has continued to push for new products and models to keep the community engaged in its growth path. In an earlier report from U.Today, the SHIB team shared insights into the project’s new Karma points system.
The SHIB team designed this Karma system to weed out bad actors. Despite the latest ecosystem updates, Shiba Inu still experienced an unfortunate breakdown, with the possibility of adding one zero.
Whether or not this will materialize now depends on time.
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