The Shiba Inu network is building momentum once again after activity began to intensify following weeks of extreme dormancy, suggesting that the network is taking a decisive move towards recovery.
Latest data showcased by its onchain tracking platform reveals that Shiba Inu has just recorded the highest daily surge in its burn activity over the last week.
Millions of SHIB destroyed
The data revealed that the Shiba Inu burn rate has surged substantially by more than 618% over the last 24 hours as a total of 11.35 million SHIB were moved out of circulation within the period.
This marks the highest number of tokens burned on the network since July 27, when it experienced its biggest burn of the year, suggesting that momentum may be building again.
Following this large Shiba Inu burn activity, the total amount of SHIB that has been moved out of circulation over the last month now stands at a massive 3.35 billion SHIB, worth over $17,000 at its current price.
Although large token burns on the Shiba Inu network do not always guarantee an immediate price recovery, they fuel scarcity as they cause the asset's supply to tighten significantly, potentially driving demand which could lead to a major price recovery.
Shiba Inu down 5% in August
Despite the strong Shiba Inu network activity, which provides a bullish outlook for the asset, Shiba Inu's trading price still remains substantially low.
After the major rally seen in July, Shiba Inu has continued to trend downwards, currently hovering around $0.0000044, while reflecting a negative return of -5.11% for August.
While momentum has remained bearish and the asset is still struggling to recover from its recent lows, market participants are not very hopeful that Shiba Inu will deliver a positive return this month.
InkByte Editorial Team
Dan Burgin
