- SHIB burn rate surges 211%, reducing circulating supply significantly.
- Despite burns, SHIB faces price volatility and market uncertainty.
- Large transactions contribute millions of SHIB tokens to dead wallets.
According to the Shibburn tracker, the Shiba Inu community has significantly increased its efforts to reduce the circulating supply of SHIB tokens. Over the past 24 hours, the SHIB burn rate surged by an impressive 211.77%. This brought a total of 219,849 SHIB tokens to be burned. While this is a notable rise in daily burn activity, the weekly figures show a more substantial reduction in supply. A total of 6,989,286 SHIB tokens were removed from circulation, although this was a 25.13% decline compared to the previous week.
The SHIB community has maintained its commitment to burning tokens, with large transactions pushing millions of coins to dead wallets. This week’s biggest burn transactions included 1,694,200, 1,076,047, 1,331,608, and 1,000,000 SHIB coins, further contributing to the decreasing supply. These efforts reflect the community’s strategy to reduce the total supply of SHIB over time, thereby potentially increasing its scarcity and value.
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Weekly SHIB Burn Trends: A Mixed Bag of Growth and Decline
Despite the impressive growth in the daily burn rate, the weekly burn statistics reveal a different things. While millions of SHIB tokens were burned in total, the weekly burn rate showed a notable decline of 25.13%. This means that, although the community is working hard to take away the tokens, the rate of burning is not as rapid as it was before.
Interestingly, the bigger burns have affected the price movement of SHIB differently. After a slight 4.4% dip over the weekend, the meme coin made a brief rebound, rising by 5.15% within just a few hours. The price increased steeply and featured a promising upward trend and a number of long green candles on the charts. This short-lived recovery was, however, soon reversed, and SHIB has since declined by 3.13 percent and now trades at $0.00001218 per coin.
The price volatility of SHIB and the volatility of burn activity indicate the general uncertainty surrounding the token’s future. Regardless of the growth of token burns, market sentiment and overall cryptocurrency trends still significantly impact the price dynamics of SHIB.
Although the Shiba Inu community’s burning process has reduced the supply in circulation, the price of SHIB cannot be predicted. Despite efforts to make the token scarcer, the market’s reaction to these burns has been mixed, showcasing the challenges SHIB faces in gaining sustained bullish momentum.
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