Shiba Inu's Burn Rate Surges 1300% in a Day

Shiba Inu's burn rate surged by 1300% on February 27, according to data from the official tracker Shibburn on X. This significant increase was driven by the removal of 30.15 million tokens from the crypto's circulating supply in a single day. The burn mechanism involves sending tokens to a null address, making their retrieval impossible and reducing the overall supply, which can potentially boost tokenomics.

The substantial burn rate has sparked optimism among market watchers regarding SHIB's price prospects. To date, a whopping 410.744 trillion coins have been burned, with the circulating supply currently totaling 584.32 trillion tokens. This month alone, 257.65 million tokens have been burned, further fueling bullish sentiments despite the ongoing crypto market blues.

As of press time, Shiba Inu's value witnessed a 3% jump and exchanged hands at $0.00001469. The coin hit an intraday bottom and peak of $0.00001377 and $0.0000147, respectively. Notably, the Shiba Inu burn rate surge appears to be aiding the meme coin in outperforming BTC and ETH amid broader market volatility. Renowned market analyst Javon Marks took to X, citing bullish historical trends that indicate gains ahead. The analyst reveals that SHIB price continues to hold its breakout, which took place in late 2022/early 2023. "With this price breakout holding, the target for Shib continues to be at the $0.000081 point, which is currently over 450% away," the analyst concluded.