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Ethereum-based popular memecoin Shiba Inu (SHIB) attracted significant attention in the cryptocurrency world today, and with this interest, there was a notable increase in the token burn rate. In particular, on-chain data reveals that hundreds of millions of SHIB tokens have been burned in the last 24 hours. This development is striking as it comes amidst a price decline in the altcoin.
Shiba Inu’s Token Burn Rate Increases by 1,677%
The new SHIB burns that emerged amidst today’s price drop have created a wave of speculation across the cryptocurrency market. Following this, cryptocurrency enthusiasts began showing interest in Shiba Inu.
According to the latest data announced by Shibburn, a data-collecting platform for SHIB burns, the Shiba Inu community has recorded a tremendous increase in the burn rate today. The data indicates that with the support of the altcoin’s community, the burn rate has increased by 1,677% in the last 24 hours. Moreover, the community has removed a total of 131.45 million SHIB tokens from circulation by burning them yesterday.
In particular, a wallet address from the Shiba Inu community made a significant contribution to the token burn by transferring a large amount to a dead wallet address. On-chain data shows that 123.66 million SHIB tokens were transferred from a wallet address starting with 0x982… to a dead wallet address. Thanks to the Shiba Inu community’s involvement in today’s increase in the token burn rate, there was a 100.25% increase in the weekly token burn rate.
SHIB’s Price Drops Despite Increase in Token Burn Rate
The price of Shiba Inu’s SHIB has fallen by 1.99% in the last 24 hours, trading at $0.00001044 at the time this article was prepared. Additionally, the token’s market value also decreased by 1.96%, dropping to $6.15 billion.
SHIB’s weekly price chart currently shows a 2.5% increase for the altcoin. This increase is accompanied by a 25.66% rise in the monthly time frame.
Although the popular altcoin’s price is currently trending downward, the market performance of the last few days indicates high expectations from its community. The SHIB burns conducted confirm this expectation. Market observers expect that while the token burns may not have an immediate effect, they could support and increase the price in the future.
