The Shiba Inu community successfully burned over 9 billion SHIB tokens in January, marking a significant upsurge in its burn rate.
Popular meme coin, Shiba Inu has witnessed a significant surge in the amount of tokens burned amid a decline in the price of SHIB. According to data from Shibburn – a dedicated Shiba Inu burn tracker, 115,689,382 (115.6 million) SHIB tokens have been sent to burn addresses in the last 24 hours.
While the burn rate has surged by 590.74%, the price of the token has declined within the recorded time. According to data from Coinstats, Shiba Inu is changing hands at $0.0000089.
9 billion Shiba Inu tokens burned in January
Meanwhile, January recorded a staggering amount of SHIB tokens removed from circulation. Shibburn data shows that about 9,937,949,070 (9.9 billion) SHIB tokens were destroyed during the period.
Per the report, the aforementioned number of burns were carried out across 269 transactions with a monthly burn rate of 61.57%.
— Shibburn (@shibburn) February 1, 2024
Even though the increase in the Shiba Inu burn rate is a good sign, it might not be enough to cover up for the price drop it has been experiencing since the previous month.
The value of the token dropped by over 13% throughout January. After peaking at $0.00001994 on December 17, 2023, the price of Shiba Inu has been on a steady decline. Selling across the broader market prompted SHIB to lose the $0.00001 support, adding a zero to its price and causing the present falls.
Positive price upswing in sight
Despite the drop in the price of SHIB, there might be light at the end of the tunnel. Popular crypto analyst Ali shed some light on this. According to him, the purchase signal has been flashed by the TD Sequential indicator, which has shown to be very accurate in predicting Shiba Inu price moves.
As a result, SHIB might be gearing up for a potential price uptick. He urged traders to watch out for the price of the token as it might climb to $0.010 and subsequently $0.011.
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