Shiba Inu Burn Rate Surges 21% Amid Market Rebound, But Supply Reduction Remains Stagnant

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The popular meme cryptocurrency Shiba Inu, ranked second among its kind, has experienced an uptick in its value and a corresponding surge in its token burning mechanism over the past day. As per the Shiba Inu burn tracker Shibburn.com, there has been a 21.76% jump in the number of SHIB tokens destroyed within the last 24-hour period. This rise in token burns appears promising for the meme coin’s future value; however, the actual burn figures suggest it remains difficult to make substantial headway.

Shiba Inu Burn Rate Rises 21%

Over the last fortnight, Shiba Inu’s burn activity has been relatively low, mirroring a sluggish trend in its price, usage, and investor attention. Consequently, the average number of Shiba Inu tokens burned each day has hovered around 21 million, which is significantly lower than the usual daily burn rate needed to sustain a bullish market momentum.

As reported on Shibburn.com, over the past 24 hours, approximately 26.2 million Shiba Inu ($SHIB) coins were transferred to burn wallets collectively. This represents a substantial increase of about 21.76% compared to the 21 million SHIB tokens burned during the previous 24-hour period.

Despite a notable increase of 21.76% in burning activities, the amount of tokens burned still falls short of expectations. This increment, while higher than recent daily figures over the past few weeks, is significantly lower than the massive circulating Shiba Inu token supply, currently standing at over 589 trillion tokens. To give you an idea, if this burn rate persists, it will take several decades to even noticeably reduce the token’s overall supply.

One method that the Shiba Inu community has implemented to help increase the price of their cryptocurrency is token burning. This process involves removing SHIB tokens from circulation by destroying them, which can lead to an increase in the value of the remaining tokens. The more SHIB tokens are burned, the better it is for Shiba Inu’s overall price because there will be fewer tokens available on the market. Notably, Shiba Inu’s lead developer, Shytoshi Kusama, has suggested that up to 99% of the total SHIB supply could potentially be burned in the future.

The rapid speed we’re seeing emphasizes the importance of a regular strategy for token destruction in order to effectively decrease supply and stimulate long-term price growth. This latest 21.76% surge might just be the beginning, hinting at potential future increases in token burns.

Price Rebound Brings Relief For SHIB

The general rebound in the crypto market has momentarily spiked Shiba Inu’s value. Leveraging the 3.48% overall surge, Shiba Inu is currently being traded at approximately $0.00002222, marking a nearly 3% rise over the past day.

Analyzing Shiba Inu’s price movements suggests it could soon surpass the upper boundary of a contracting trend known as a falling wedge pattern. If this breakout is validated by broader market trends and increased investments, we might anticipate an upward surge for Shiba Inu in the upcoming weeks.

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2025-01-16 19:44