- SHIB burn rate surges 287%, but impact remains minimal.
- Despite a price dip, SHIB shows signs of recovery today.
- Weekly SHIB burns improve, but volatility threatens the long-term trend.
According to data from Shibburn, Shiba Inu’s burn rate has surged by 287% in the last 24 hours. This sudden spike in activity may catch the eye of investors, but the actual amount of SHIB burned is still underwhelming.
Only 269,722 SHIB were destroyed, worth a mere $3.28. Despite this impressive percentage increase, the real-world impact remains small, with a far more significant amount needed to affect the currency’s overall supply.
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Weekly Burn Shows Better Results, But the Trend Remains Unstable
The SHIB community has been more successful in the longer-term burn efforts. In the last seven days, 13,772,405 SHIB tokens were burned, which is a more robust figure than the daily ones.
Nevertheless, the weekly burn rate performance reveals a concerning 97.82 % retreat, highlighting the lack of stability in the ongoing trend. As much as these are a step in the right direction, they still do not reflect the level of momentum that will make significant inroads toward limiting the total supply of SHIB.
SHIB Price Struggles Despite Burn Rate Growth
Despite the improvement in burn rate, Shiba Inu’s price has remained volatile. After a 5% drop over the past two days, SHIB made a modest recovery of 2.32% today, currently trading at $0.00001213. The price fluctuation in SHIB follows the one experienced in Bitcoin, which registered a minimal decrease and recovered.
Bitcoin has recently dropped by 2.13 percent but has since recovered to a current market price of 114,000. Although this price action can be described as matching what is happening in the larger market, it shows that SHIB is still battling to get itself out of its current price slump.
Despite the impressive climb of the SHIB burn rate by 287 percent, the activity itself still does not significantly affect the market. To have a greater price surge, SHIB needs to sustain a consistent burn rate and develop a more coherent pattern to decrease supply appropriately.
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