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Shiba Inu (SHIB) is displaying strength in more than 1 way today as the deflationary burn rate metric gains a massive boost. Data from Shibburn pegs the total number of SHIB sent to dead wallets at 9,793,961 SHIB, a figure that is up 704.59% from the previous day's level. 

This burn rate is in keeping with the tempo it started the week with where more than 120 million SHIB has been taken off circulation thus far. 

According to the charts, the address ‘0x195451..” contributed the bulk of the overall total burnt with exactly 9,653,363 added to the burn wallet. At least three other wallets also sent some tiny quotas to the burn address, underscoring the resolve of the broader Shiba Inu community to deflate the excessive SHIB supply.

With the current Shiba Inu burn outlook, exactly 410,644,719,355,767 SHIB has been burned since the deflationary metric was introduced. This leaves approximately 580026441139621 SHIB in circulation. These figures show that despite the impressive progress made thus far, there is still a long way to go to eradicate the massive SHIB that keeps prices diluted.

The Shiba Inu Price Outlook

This impressive burn rate figure comes as Shiba Inu's price is on a mega recovery lane. Data from CoinMarketCap shows SHIB has soared by 5.3% overnight to keep its price above the crucial threshold of $0.000008612.

This price level is particularly a good boost for members of the community considering how this level is the highest SHIB has touched in a month and the best since August 19. Closing above this price zone might reinforce the confidence in the market and permit the already existing greed in the market to truly play out.

With the burn rate and buying sentiment synchronizing, a more bullish upside for price lies ahead.

About the author

Godfrey Benjamin

Godfrey Benjamin is an experienced crypto journalist whose main goal is to educate everyone around him about the prospects of Web 3.0. His love for crypto was birthed when, as a former banker, he discovered the obvious advantages of decentralized money over traditional payments. With his vast experience covering various aspects of Web3, Godfrey's articles has been featured on Blockchain.news, Cryptonews and Coingape, among others.