More Than 6 Million SHIB Tokens Burned in the Last 24 Hours: What Does This Mean?

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More Than 6 Million SHIB Tokens Burned in the Last 24 Hours: What Does This Mean?

Last updated on May 18th, 2024 at 12:11 pm

A staggering amount of SHIB tokens have been burned in the last 24 hours according to new data, but, does this impact the price of Shiba Inu in the market?

The Shiba Inu burn rate has increased over the last day per data obtained from Shibburn – a dedicated Shiba Inu burn tracker. According to the report, the burn rate surged by 282% at the time.

The Shiba Inu community has been very active in sending SHIB tokens to dead wallets as the asset is currently experiencing an impressive volatility surge in its burn rate.

While the burn rate has increased, it is important to note that the growth rate remains unstable and can continue to spike or drop significantly in the short term.

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According to the data from Shibburn, exactly 6,643,089 SHIB tokens were removed from circulation over the last day. These burns were made across seven transactions.

The largest transactions recorded sent a massive 3.5 million tokens and 2.5 million dead wallets. Also, a transaction moving 2.5 million SHIB was recorded.

Meanwhile, looking at the Shiba Inu chart, the increase in burn rate is not affecting the price of the token as data from CoinMarketCap show that SHIB is down by 0.82% in the last 24 hours.

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Given how big of a negative swing the burn rate has made, the bearish outlook for Shiba Inu began this month, and hopes that it would rebound are reducing.

Shiba Inu (SHIB) price reaction

Shiba Inu’s price movement desperately needs to change course and move upwards seeing that the price is already descending towards a major support zone of $0.0000085. If Shiba Inu fails to sustain this level, then traders might see a massive fallout in the price of the coin.

According to data from Coinstats, the price of the token today is $0.0000088, representing a 1.35% decrease at the time of writing. Also, SHIB has a 24-hour trading volume of $74,127,941 ($74 million) and a live market cap of $5,213,267,620 ($5.2 billion).

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Victor Nnamdi Igbor "Swaezy" is a crypto enthusiast and writer with over 8 experience in blogging. He is an easy person and when not working, loves to have a good time.