SHIB Burns Crash 55%, But Here’s Surprising Price Move

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Based on data from Shiburn, it’s clear that the popular meme coin, Shiba Inu, experienced a significant decrease in its burn rate over the last 24 hours. Surprisingly though, the coin’s value didn’t follow the usual pattern we’d expect.

SHIB price defies SHIB burns

According to a recent tweet from our trusted data source, the rate at which Shiba Inu tokens were destroyed (burn metric) dropped by over 55% within the past day. A total of 9,380,103 SHIB coins were eliminated during this process, inspired by memes.

Yesterday’s largest Shib transfer equated to approximately 18,973,108 Shib coins, with an additional 1,000,000 Shib being moved to non-spendable wallets on the blockchain. The day prior, the biggest burn transaction involved a total of 8,910,223 Shib coins.

Over the past week, I’ve noticed a significant decrease in the burn rate by approximately 35%. This reduction translates to a total of 67,808,766 SHIB being eliminated from circulation, as per the latest update shared on Twitter.

As an analyst, here’s my hourly update on SHIB:

The current price is $0.00002145, representing a decrease of 0.22% over the last hour but a modest increase of 0.91% in the past 24 hours. The market capitalization stands at $12,638,978,638, showing a marginal growth of 1.00%.

Regarding tokens burnt, over the past 24 hours, we’ve seen 9,380,103 SHIB being destroyed (-55.47%). Over the last seven days, this figure amounts to 67,808,766 SHIB, representing a decrease of 34.97%.

This information is intended to provide insight into the current state and trends of SHIB in the market. Always remember to conduct your own research before making any investment decisions.

— Shibburn (@shibburn) January 15, 2025

According to a recent report by U.Today, some Shiba Inu (SHIB) community members are urging the SHIB team to speed up the process and burn larger quantities of SHIB tokens. These community members suggest that burning between 35% and 90% of the circulating supply could cause a significant rise in the price of SHIB, potentially even pushing it towards $1. A poll has been established to gauge community opinion on this matter.

At present, there are approximately 584 trillion and 209 billion SHIB tokens in circulation. The SHIB team has often stated that the primary means to boost the number of destroyed SHIB (meme) coins is by significantly enhancing the usability of Shibarium, their upcoming platform.

Currently, the Shiba Inu coin price has climbed by approximately 8.2% during the last day. However, it experienced a slight decrease earlier today.

Shytoshi Kusama issues crucial scam warning

As a dedicated researcher, I’ve taken notice of a recent tweet by the enigmatic figure leading the SHIB development team, Shytoshi Kusama. This message serves as a cautionary note to the Shiba Inu community, urging vigilance against potential scams that may surface in the wake of the TREAT token’s official launch.

On Twitter, Shytoshi responded to a post from the @susbarium account, which is often used by the SHIB team to alert SHIB supporters and investors about potential scams. On February 14, they announced the launch of the new token TREAT on several centralized exchanges, an event that many had been eagerly waiting for.

Don’t get scammed!

— Shytoshi Kusama™ (@ShytoshiKusama) January 14, 2025

The token named TREAT is crucial in the SHIB network, offering rewards within the Shibarium DEX and participating in decision-making and voting processes. Shytoshi Kusama issued a warning that con artists might try to trick people into buying imitation TREAT tokens. He advised everyone in the community to avoid being scammed.

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2025-01-15 15:18