In a recent display of dedication, the Shiba Inu community has made significant strides in increasing the burn rate of SHIB tokens. Data from the Shibburn website reveals an impressive jump of nearly 1,000% in the burn rate after consecutive days of SHIB tokens experiencing a consistent decline and lingering deep in the red zone.
Over the last 24 hours, the Shiba Inu community has made remarkable progress in reducing the circulating supply of their beloved meme coins. A total of 7,825,621 SHIB tokens were successfully burned, marking a 945.5% increase compared to the previous day’s burn of 748,502 coins. These striking numbers contribute to the cumulative count of burned SHIB tokens, which has now closely approached the 300,000,000 mark for the week. However, this figure is considerably lower than the burning rates observed a few weeks ago when the community was consistently incinerating between one and two billion SHIB tokens every seven days.
Shytoshi Kusama, the lead developer in the Shiba Inu ecosystem, has teased the SHIB army with the possibility of “something physical coming.” However, despite the relentless efforts of the SHIB community to increase token burns, the price of Shiba Inu (SHIB) remains in the red zone.
Over the weekend, the token experienced a significant 30% crash, triggered by news of regulatory charges filed by the SEC against prominent crypto exchanges Coinbase and Binance. In the past 24 hours, SHIB has seen a marginal 0.39% increase in price, offering a glimmer of hope to its loyal investors. Nonetheless, the broader trend remains unfavorable, with the token witnessing a 4.03% decrease in the past day and a substantial 17.41% decline over the course of the past week.
Shiba Inu is the second-largest memecoin, boasting a market cap of $3,865,979,663. While efforts to increase the token burn rate seem to be underway, it remains to be seen whether this can significantly impact the token’s price in the long term. Crypto enthusiasts and investors should stay informed and do thorough market research before investing in cryptocurrencies, as they can be subject to rapid market changes. The recent price fluctuations of Shiba Inu (SHIB) serve as a reminder that increased token burns do not necessarily guarantee immediate price recovery in an unpredictable market.
Source: Coingape
