Last updated on May 18th, 2024 at 11:57 am
Popular memecoin Shiba Inu (SHIB) has recorded declines in its burn rate in the past 24 hours and also a significant reduction in its weekly rate. According to data, weekly burns of the token have stopped reaching one billion SHIB.
The decrease in the Shiba Inu burn rate is followed by a recent increase in the price of SHIB tokens. Over the past few days, the price of SHIB has managed to regain about 13.21%. This comes after a significant crash last week after the SEC crackdown on Binance and Coinbase.
While the price struggles to increase, the tokens’ burn rate continues to reduce. Shibburn – a dedicated crypto burn project, reports that only 4,469,651 (4 million) SHIB were destroyed in the last 24 hours.
This signifies a nearly 80% reduction in the tokens’ burn rate from the previous 24 hours. Shiba Inu’s (SHIB) weekly burn rate declines also by about 52.9% compared to the previous week according to the data.
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HOURLY SHIB UPDATE$SHIB Price: $0.00000675 (1hr 0.12% ▲ | 24hr 2.44% ▲ )
Market Cap: $3,971,867,091 (1.90% ▲)
Total Supply: 589,350,744,855,334TOKENS BURNT
Past 24Hrs: 4,469,651 (-79.36% ▼)
Past 7 Days: 299,086,708 (-52.96% ▼)— Shibburn (@shibburn) June 13, 2023
Per the report, the Shiba Inu community only managed to destroy 299,086,708 (229 million) SHIB tokens in the last 7 days. For context, Shiba Inu Burn is a strategy implemented by the Shiba Inu community to drastically reduce the amount of SHIB tokens in circulation. This would in turn create scarcity consequently increasing the value of the remaining tokens in the market.
Related Reading: Shiba Inu Burn: Over 1.2 Billion SHIB Burned in one Transaction
This is done by transferring a huge amount of SHIB to a burn address or dead wallet from which they can never be withdrawn. As the number of tokens in circulation reduces, there is a potential for an upsurge in the value of each remaining token.
SEC lawsuit and the impact on crypto prices
Meanwhile, on June 5, the Securities and Exchange Commission filed a legal action against Binance and Coinbase alleging that the crypto giants offered unregistered securities to customers. The outcome impacted negatively on crypto prices in the market.
As a result, Shiba Inu as well as other cryptocurrencies in the market experienced a significant dip in price. However, SHIB is beginning to recover and is now up over 13%.
Shiba Inu (SHIB) price today
According to live data from CoinMarketCap, the price of SHIB today is $0.00000673. The price is up 2.99% in the last 24 hours. What’s more, Shiba Inu is ranked #18 on the CoinMarketCap chart with a live market cap of $3,985,386,461.
Source: CoinMarketCap
Victor Swaezy
Victor Swaezy is a crypto-journalist with more than 3 years of experience in covering blockchain technology and digital currencies news. Known for his comprehensive reporting, Victor has contributed to leading industry publications such as Coinfomania and Crypto News Guru, providing market participants with the required knowledge to make informed decisions. When he is not working, he loves to watch movies and have a good time.