Meme coins, particularly Shiba Inu, have seen a significant increase in their burn rate alongside DOGE. In the last 24 hours, the burn rate has surged to just over 900%, capturing market attention. Amid the prevailing bearish sentiment, this increase in SHIB‘s burn rate has turned all eyes towards the meme coin.
SHIB Burns Increase
SHIB has seen a notable rise in its burn rate, contributing to a sense of optimism in the market. These burns occurred despite a recent 20% drop in SHIB token prices over the past month, highlighting a reduction in the rate of price decline.
Let’s delve deeper into Shiba Inu’s current market dynamics and understand why investors are hopeful about the token’s potential for significant returns in the future.
According to data provided by Shibburn, Shiba Inu’s burn amount increased by 921.31% in 24 hours, totaling 45.16 million tokens. During this period, the ongoing reduction in SHIB’s available market supply also demonstrated investor confidence in the token.
It is important to note that crypto market enthusiasts primarily attribute SHIB’s sluggish performance to an excessive supply in the market. To address this, the Shiba Inu community has embarked on a token burning campaign aimed at enhancing SHIB’s market dynamics.
Since its inception, it is crucial to remember that 410.72 trillion SHIB have been eliminated. Despite this massive burn, the existing supply of the token still stands at 582.88 trillion SHIB, making the impact of these burns more apparent in terms of price movement.
On the other hand, crypto market traders and investors are hopeful that the burns occurring in SHIB could initiate a bullish phase for the token. Consequently, considering the supply and demand dynamics, investors believe that burns could have significant effects on the price after a certain level.
How Much is Shiba Inu Now?
As of this writing, the price of Shiba Inu token has experienced a 4.49% drop in the last 24 hours, continuing to trade at $0.00002449.
This recent drop in SHIB’s price seems to contradict the crypto community’s efforts to enhance SHIB tokenomics through burns.
SHIB’s market cap has fallen to $14.4 billion during this period, yet it continues to hold its position as the 11th ranked cryptocurrency.
Looking at the 24-hour trading volume, there has been a 32.46% decrease, dropping to $454 million, positioning SHIB as the 17th most traded cryptocurrency.
