As a seasoned researcher with a penchant for the unconventional, I find myself intrigued by the current state of Shiba Inu (SHIB). The minimal burn rate and negative growth over 24 hours might seem disheartening at first glance, but let’s not forget that this cryptocurrency is as volatile as a puppy chasing its own tail.
The burn rate, while down, is still sending close to a million SHIB to the great digital beyond, which, in the grand scheme of things, isn’t too shabby. The total burnt SHIB now stands at an impressive 410,742,905,471,145 tokens, a figure that would make any Shiba Inu owner proud.
The circulating supply is still high, but remember, Rome wasn’t built in a day, and neither will the SHIB network reach its goal overnight. The recent burn figures might just be a hiccup before we witness a massive burn figure that could potentially reflect positively on its price.
Looking at the price, it’s down 2.66% in 24 hours to $0.00002172, but let’s not forget that even a small dog like SHIB can have a big bark. The token has faced a 19.65% drawdown over the past month, but the end of the year is near, and as we all know, New Year’s resolutions can be powerful things.
If the price rebound does occur before the ball drops, SHIB might just reclaim the $0.000025 price level in the near term. So, keep your eyes on this pup, because who knows? It might just surprise us all and turn out to be a diamond in the rough.
And now, for a little humor to lighten things up: Why did the Shiba Inu cross the road? To prove it could do it with its eyes closed and still make a millionaire!
The popular cryptocurrency Shiba Inu (SHIB) is currently experiencing a low level of token destruction, as network performance is being closely monitored. At present, information from Shibburn indicates that the burn rate has decreased by 88.65% over the past 24 hours, reaching its lowest point in weeks. Approximately one million SHIB tokens have been transferred to inactive wallets at this pace.
SHIB burn, down to bounce
According to Shibburn data, exactly 606,465 SHIB tokens were sent to inactive wallets, effectively removing them from circulation. Notably, a single wallet identified as “0x56f…80b5” was responsible for this burn transaction, which occurred approximately 12 hours prior to the current time of writing.
The current burn rate has increased the total Shiba Inu tokens burned so far to an astounding 410,742,905,471,145 SHIB. Currently, there are 584,163,863,061,304 SHIB in circulation, indicating the significant progress needed by the meme coin protocol to reduce the supply further.
Following the combustion of approximately 5,441,220 SHIB on December 29, with a growth rate of over 972%, dipping to a fresh multi-week low isn’t necessarily a negative indicator for Shiba Inu. Instead, it could be an opportunity for the token to restart its ascent, potentially leading to a significant burn figure that might positively impact its price.
As the year draws to a close, the Shiba Inu’s deflationary measure serves as a significant evaluation point for the protocol’s development progress.
Shiba Inu price check
The relationship between Shiba Inu’s burn rate and its price was evident again, as the token dropped by 2.66% in the last 24 hours to $0.00002172. Over the past month, Shiba Inu has seen a decrease of up to 19.65%, indicating the general stress in the market.
Nevertheless, indications suggest that the token could potentially bounce back within the next 48 hours before the year ends. If this recovery occurs, Shiba Inu (SHIB) could once again reach the $0.000025 mark in the short term.
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2024-12-30 13:07