As an analyst with over a decade of experience in the crypto market, I find myself intrigued by the resilience and adaptability displayed by Shiba Inu (SHIB) in the face of market downturns. The community’s commitment to reducing the coin’s supply through burning is indeed commendable, as evidenced by the 404% increase in burned tokens over the last day.
As an analyst, I’ve observed that the altcoin, Shiba Inu, has taken a significant hit, particularly amidst the turbulence in the crypto market. Despite this downturn, which saw it fall significantly from its 2024 peaks, the dedicated community remains undeterred in their quest to reduce the meme coin’s circulation by burning tokens. Notably, there’s been a significant surge in the daily Shiba Inu burn rate, as per the official SHIB burn tracking site, reporting a staggering 404% increase in burned tokens over the last day.
Shiba Inu Burn Recovers
During August, several days passed without any SHIB tokens being destroyed, indicating a decrease in user involvement. Yet, as August drew to a close, the rate at which Shiba Inu tokens were burned started increasing noticeably, and this trend persisted into September.
According to Shibburn’s data, there was a staggering 404.31% surge in the rate of token burning following the transfer of over 14.2 million tokens to the burn address. This process unfolded across seven distinct transactions, with a single transaction accounting for the largest portion, which sent approximately 7.286 million Shiba Inu tokens to the burn address.
Yesterday’s fire has pushed the total burned tokens over the past week above 312.6 million. This represents an 80.72% rise compared to last week’s numbers, demonstrating a positive trend for this week. If this momentum continues, we may witness a significant surge in the burn rate moving forward.
SHIB Price Still Struggling
The current rise in the burning rate of Shiba Inu tokens hasn’t resulted in a corresponding increase in its price, as it’s still experiencing losses this week. As per CoinMarketCap’s data, the value of Shiba Inu has decreased by 6.18% over the past week, and it’s also dropped by 1.01% within the last day (at the time of writing).
As a crypto investor, I’ve noticed that the SHIB price has been on a downward spiral, and this slide seems to be mirrored by reduced trading volumes. A quick look at 24-hour data reveals an 18.34% decrease in price, which translates to a daily trading volume of $134 million for SHIB. This is quite a shift from the days earlier this year when we were seeing daily trading volumes surpassing the $500 million mark.
Even though the Shiba Inu’s price seems bleak due to its reaction to the unfavorable market conditions surrounding Bitcoin, there’s still optimism. Essentially, the drop in the meme coin’s price can be attributed to Bitcoin’s turbulence. This implies that once Bitcoin starts to regain strength, it’s probable that the Shiba Inu’s price will follow suit.
Currently, as I’m typing this, the SHIB price stands at around $0.000013, which represents an 85.1% drop from its highest recorded price of $0.000088. However, it has managed to secure a year-to-date increase of approximately 72%, largely due to its surge in February and March of 2024.
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2024-09-06 22:11