After a weeklong drawdown in the price of most digital currencies, altcoins like Shiba Inu (SHIB) are now pulling all their weight toward a trend reversal. For the meme coin, it is choosing to lean on its daily burn rate, which is its deflationary metric that has triggered an uptick today. At press time, the SHIB burn rate was up 404.31%.
SHIB burn surge to trigger trend reversal?
Statistics show that the Shiba Inu burned 14,217,643 SHIB in 24 hours. Several wallets were involved in this figure, with the largest being “0x463…b9758,” through which more than 7.2 million were incinerated.
Since the launch of ShibTorch or the Shibarium burn portal, the total number of tokens sent to dead wallets has remained the same. While the burning is projected to happen automatically on-chain during transactions, it underscores the lower intensity of activities in the ecosystem.
Despite this drawdown, according to Shibburn data, 312,693,562 SHIB entered dead wallets in the trailing seven-day period. One solace many in the Shiba Inu community are nursing is the consistency in the deflationary metric. Despite the low numbers involved in each daily session burn, the consistency is paying off.
HOURLY SHIB UPDATE$SHIB Price: $0.0000132 (1hr -1.36% ▼ | 24hr -2.05% ▼ )
Market Cap: $7,786,233,135 (-2.02% ▼)
Total Supply: 589,271,512,251,735TOKENS BURNT
Past 24Hrs: 14,217,643 (404.31% ▲)
Past 7 Days: 312,693,562 (80.75% ▲)— Shibburn (@shibburn) September 6, 2024
The ultimate goal for the meme coin is to sufficiently lower the total supply to trigger a major value boost for SHIB.
Beyond token burning
While part of its future value boost strategy is to drive Shiba Inu deflation, the core developers have greater plans.
First, there is a plan to delve into community governance as it seeks to become a DAO. Under this model, users will have a say in what becomes of the protocol, returning power to SHIB.
Beyond this, the token has introduced a developer toolkit that will enable innovators in the ecosystem to build and launch usable dApps. While not yet live, this SHIB infrastructure might drive utility, boost token demand and drive future price growth.