Shiba Inu has an important development that delights its investors. In the past 24 hours, there has been a 1,382% increase in SHIB burn, exceeding 106 million. This situation once again led to the focus of attention in the crypto sector on the popular meme coin. As for the price, it seems that the development has not been reflected in the price. As of writing this article, the SHIB price is trading at $0.000008827, down 2.95%.
Significant Increase in SHIB Burn Rate While Shiba Inu Price Drops
The increase in the burn rate while the price of Shiba Inu drops seems to indicate a reverse correlation. Normally, a decrease in supply should result in an increase in price, but in the current crypto market, there has been a correction following the rise, so the price has shaped according to market dynamics. Therefore, it would be wrong to make a general judgment that “a reverse correlation has occurred.”
According to the latest data announced by Shibburn, a platform that shows the burn status of SHIB, a total of 106,241,658 SHIB tokens were burned today. This burn indicated a 1,382% increase. The number of tokens in the market has also decreased to some extent after the burn. Currently, there are 410,662,663,732,559 tokens in circulation.
Two Addresses Burned a Massive Number of Tokens
Two massive transactions that burned SHIB attracted attention in the crypto market, according to data provided by Shibburn. An unknown address, 0x75d9df1efe6d860218…, burned 100 million SHIB approximately 13 hours ago. Another unknown address, 0x46340b20830761efd3…, burned 1.5 million SHIB approximately 17 hours ago. The burning of these tokens has a special meaning. Thus, it reveals the community’s dedication to the project in the SHIB ecosystem. On the other hand, there is a possibility of an increase in the value of the tokens due to scarcity.
According to ShibariumScan data, there is an increase in the total number of transactions on the platform. It has approached the 4 million mark, with a total of 3,950,000 transactions. As mentioned above, the SHIB price has experienced a decline in the past 24 hours. However, there is a 6.52% increase on a weekly basis and a 24.41% increase on a monthly basis. Therefore, the price increase on a weekly and monthly basis is in line with the increase in token burn.
