- Shiba Inu’s burn rate surges, but impact remains minimal.
- Despite increase, Shiba Inu’s token burn still disappoints investors.
- SHIB burns rise 169%, yet token reduction stays insignificant.
Shiba Inu (SHIB) experienced a significant surge in its burn rate, with a notable 169.98% increase in the last 24 hours. However, the total number of SHIB tokens burned remained surprisingly low, with only 187,420 tokens incinerated. Despite this surge, the figures seem rather insignificant compared to previous burn events, which have seen millions of SHIB tokens taken out of circulation.
According to data from Shibburn, the burn rate increase came after just 69,420 tokens were burned the previous day, reflecting a dramatic drop of 95.27% from earlier burn activity. This stark contrast highlights a volatile burn trend, where occasional surges are not necessarily accompanied by large-scale token removals.
Despite the minor token burn, the increased activity reflects a continued effort to reduce SHIB’s circulating supply, albeit at a slower pace. Over the past seven days, a total of 63,693,707 SHIB tokens were burned, marking a 17.71% increase in the weekly burn rate. Although these amounts may seem modest, they still contribute to a slight reduction in SHIB’s total supply, which now stands at approximately 589.25 trillion tokens.
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Market Reactions to Shiba Inu’s Burn Activity
The surge in the burn rate sparked some interest among the SHIB community, but market sentiment remains cautious. Despite the burn efforts, the SHIB price remains relatively stable, with a modest increase of 2.51% in the past 24 hours, bringing it to $0.000008447. This price movement comes after SHIB briefly surged to $0.000009 on December 9, only to retrace in the following days.
In the larger context of the crypto market, Shiba Inu’s burn activities have become a key part of discussions, with many investors closely monitoring its long-term effects on the token’s supply and price. Although the burn rate surges are often seen as positive, it’s clear that the impact on SHIB’s price and market position remains uncertain.
For now, SHIB holders continue to focus on any potential breakthroughs in token burn strategies. However, with the burn rate only achieving small reductions in total supply, the broader effects on Shiba Inu’s market performance will likely unfold gradually.
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