The Shiba Inu community’s ongoing work of removing tokens from circulation has raised some questions due to a recent decrease in burn rate. As per current figures, the burning rate has dropped substantially over the past day, and the price of SHIB has followed a similar trend. Now, investors are requesting more information about the coin’s future direction as market conditions remain volatile.
Shiba Inu Burn Rate Plunge 72%
Why It Matters?
One significant trend to keep an eye on within the cryptocurrency sphere is the process of token burning. To put this into perspective, the Shiba Inu (SHIB) community frequently performs this action with their popular meme coin, aiming to reduce its market availability. Their hope is that by doing so, they may potentially boost the coin’s value.
In simple terms, burning tokens (removing them from circulation) lessens the amount of that cryptocurrency available for trading. Consequently, this decrease in supply can lead to an increase in token price due to its perceived rarity or scarcity.
Recent SHIB Burn Details
Based on Shibburn’s latest findings, the rate at which Shiba Inu tokens are being destroyed decreased by approximately 71.56% in the last 24 hours. A mere 8.73 million SHIB coins were removed from circulation during this period, an event that has generated talk among market participants. The two largest burns within this timeframe, both conducted by the account “0x6d0…93d26”, amounted to 465,766 and 420,946 tokens respectively.
In summary, an impressive 410.74 trillion tokens were destroyed in this recent event, yet the current number in circulation remains high at 584.18 trillion. It’s worth mentioning that the token’s burn rate has been relatively low so far this year.
2024 SHIB Burn Data Fuels Optimism
Though the current decrease in daily burn rate for Shiba Inu may be causing some concern among investors, the fact that over 44.62 billion tokens have been burned from the total supply by 2024, as reported by Shibburn’s X post, demonstrates the resilience and dedication of the Shiba Inu community.
Over the last seven days, not only did the token continue to burn, but it also remained green. As per a recent post on X, the SHIB burn increased by a significant 164.53%, with a total of 102.86 billion tokens being locked away.
Will SHIB Price Continues To Decline
Today, the Shiba Inu cryptocurrency experienced a 2% drop, trading at approximately $0.00002119. The trading volume decreased by 30%, reaching $593 million. Over the past 24 hours, the token has fluctuated between $0.00002179 and $0.00002047, suggesting a significant selling pressure within the market. Interestingly, despite this fall, the interest in Shiba Inu Futures contracts increased by 34%, hinting at a promising future for the leading meme coin themed after dogs.
Additionally, the latest happenings within the Shiba Inu community have contributed to market enthusiasm. Recently, Lead Developer Shytoshi Kusama discussed the functionalities of ecosystem tokens such as SHIB, BONE, LEASH, and TREAT in a podcast. Furthermore, he expressed his aspirations for transitioning the Shib Inu coin from merely a meme token to a “Shib Network State.
It seems like the meme coin is getting ready to pick up speed again as the broader cryptocurrency market recovers soon. Moreover, excitement increased even more with the upcoming launch of the TREASURE token on January 14. A recent Shiba Inu price evaluation also hinted at the possibility of the crypto reaching a new peak after the TREAT launch.
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2025-01-09 16:12