- Shiba Inu burn rate skyrockets, but price struggles persist despite efforts.
- Community pushes SHIB burn, but price remains stagnant amidst challenges.
- Despite increased SHIB burns, value shows little improvement in markets.
Shiba Inu (SHIB) has witnessed a dramatic increase in its burn rate, with community members moving to remove a significant portion of the token from circulation. The burn rate has increased in the last 24 hours at a shocking rate of 201,207 percent, clearly showing that there is a push towards decreasing the total supply of the token.
According to Shibburn, an online platform that tracks burn metrics, 4,559,620 SHIB were removed from circulation during this period. Although the percentage change in burn activity is stunning, the total amount burned is actually relatively small in proportion to the total supply of the token.
The Shiba Inu community has long used burn mechanisms to deal with the inflationary pressure of the token. Through the altruistic sending of SHIB to dead wallets, the community is attempting to establish scarcity, which, according to the community, can cause a rise in value.
Though the recent increased burn activity has been significant, it should be mentioned that it is only a drop in the ocean. The amount of SHIB burnt is only 4.56 million tokens, compared to a mind-blowing total of 589 trillion tokens. Much of this supply, about 4.56 trillion SHIB, has already been staked, and 584 trillion tokens are currently in circulation.
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The Ongoing Struggle for Shiba Inu’s Price Recovery
Despite the increased burn rate, the price of Shiba Inu has continued to face downward pressure. The SHIB price has fallen by 2.84 percent in the last week, and value variations are still obstructing any long-term positive trend.
SHIB is currently at a price of $0.00001222, and this represents a drop of 1.69 percent over the last 24 hours. The token reached a temporary peak of $0.00001257 but could not sustain this, as the volume was low.
Investor sentiment appears to be shifting, with growing interest in alternative meme coins like Pepe and Bonk. Also, SHIB trading volume is in the red zone. At present, the volume traded is at the level of $153.6 million, which is 14.77% less.
Although the community is optimistic that a bullish trend will be witnessed in September, it is yet unclear whether the ongoing burn activities will make a significant impact on the price of the token in the near future. Despite the burn efforts, Shiba Inu’s struggles highlight the challenges meme coins face in gaining sustained value, especially when the overall market sentiment is lukewarm.
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