Shiba Inu has continued to show strong network activity with its steady deflationary mechanism, which reflects sustained demand for the leading dog-themed meme token.
While its price is currently trading sideways with little to no major increase over the last day, the Shiba Inu network activity suggests that momentum is still building.
15.5 million SHIB exit circulation
Following the steady increase in the Shiba Inu burn activity, data provided by blockchain tracker Shibburn shows that a total of 15,509,996 SHIB has been removed from circulation as of Saturday, April 11.
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Compared to the amount of tokens burned in the previous day, the figure marks a massive 237% surge in the SHIB burn rate over the last 24 hours. The burns happened in 10 separate transactions, with batches of millions and thousands of SHIB.
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The massive burn activity comes as Shiba Inu is barely showing positive price moves as its price has only surged by 0.24% over the last day, bringing its price to $0.000005917 at the time of writing.
Shiba Inu supply shrinks
While SHIB has yet to show any major rebound in its trading price, the data further revealed that the amount of SHIB torched over the period is worth about $91 per SHIB’s price at the time.
While this activity is keenly adhered to as efforts to consistently shrink Shiba Inu’s circulating supply, it is majorly aimed at fueling scarcity for SHIB.
At the same time, it gradually drives SHIB’s value upward, positioning the asset for a potential price surge while also fueling demand.
The tracker has identified some of the largest burn transactions executed over the last 30 days, and a wallet from Robinhood ranks among the top 10 SHIB burners over the period.
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