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Investors who were pleased with the unstoppable rise of Shiba Inu during the bull run of 2021 continue to witness developments. The burn announcement made by the team in recent days is still having an impact. Shiba Inu, the number one meme coin on the Ethereum blockchain in terms of volume and market ranking, has once again caught the attention of investors with a tremendous increase in its weekly burn rate. This increase, which occurred on Saturday, once again sparked a sense of rise among participants in the crypto market.
SHIB Burns Continue
Shiba Inu‘s burning mechanism, which is perhaps of vital importance for the ecosystem, is well-known. Shibburn, a platform known for tracking SHIB burns, reported an increase of about 6000%. This surge in burns has led to an increase in rumors among all participants in the cryptocurrency ecosystem.
The meme coin has adjusted to the rest of the market in terms of price, and despite the weekly increase in SHIB burn rate, a decrease in price was observed. Last week, however, amidst a rising altcoin market, the price of SHIB had seen a noticeable increase, climbing back above the $0.0001 level, but it has since fallen again.
Considering the data provided by Shibburn, the burn rate over the last 7 days has increased by 5891.2% as of Saturday, January 13. Moreover, as of the time of writing, the community has also burned 820,007 SHIB in the last 24 hours.
However, today’s number of burns may not have pleased investors. The number of burns carried out has apparently led to a 95.05% decrease in the burn rate.
According to data provided by Shibburn, the Shiba crypto community has burned 410.70 trillion SHIB since the token’s inception. In addition, the SHIBs burned by Vitalik Buterin in the past as an event that triggered a price increase are still on the minds of market participants.
On the other hand, despite the high amount of burns, it should not be forgotten that nearly half of the meme coin’s supply is still in existence. The $1 target, which is the biggest expectation of SHIB investors, does not seem as close as it is thought to be.
Considering the current high supply and market volume, very large burns would need to be carried out for the price to rise to the mentioned levels. However, due to the unpredictability of cryptocurrencies, it is possible to see prices reach very different points. On the other hand, the circulating supply of the meme coin is currently calculated at 581.07 million units.
Shiba Inu Price Drops
As of the time of writing, the price of Shiba Inu has experienced a clear drop of 3.2% in the last 24 hours and is currently finding buyers at the level of $0.00000982. Staying above the much-anticipated $0.0001 level does not seem possible, as the price has fallen below this level again, raising questions about whether the burns are in vain.
There have also been significant decreases in market value and 24-hour trading volume. The SHIB price has dropped by 3.58%, falling back to $5.7 billion, while the trading volume has decreased by 11.29%, standing at $181.75 million.
