Shiba Inu Faces Price Decline Despite Increased Token Burns

According to data provided by Coingecko, Shiba Inu (SHIB) continues to show poor price performance recently, experiencing a decline of over 10% in the past week even as the overall market rose. This occurred despite developments within the Shiba Inu ecosystem.

Shiba Inu Token Burns

Shiba Inu saw an increase in burns coinciding with the start of Ethereum ETFs and Mt. Gox repayments. In the last 24 hours, SHIB’s burn rate increased by 482.88%, indicating a rise in interest in the memecoin. It remains unclear if this burn rate is due to previous activities during the week.

According to data provided by Shibburn, recent SHIB burns amounted to 60,380,203 SHIB tokens, which were permanently removed from circulation.

However, examining the overall burns, there were some uncertainties related to the 135,026,217 SHIB tokens burned over the past seven days. Shibburn data showed that five different wallets were involved in the recent burn transactions, with each address sending at least 9,999,999 SHIB to burn addresses.

The total burn within the Shiba Inu ecosystem reached 410,727,706,468,542 SHIB, while the circulating supply remains at 583,377,438,955,666 SHIB.

What Is SHIB’s Current Price?

Despite increased burns, Shiba Inu’s price continues to face uncertainties and declines.

As of the time of writing, SHIB is trading at around $0.00001726 after a price decline of over 1% in the last 24 hours. This price movement reflects the trend of the past seven days, during which SHIB’s price fell by 10% overall.

In the SHIB/TRY pair, the price is seen at 0.00056490 TL.

Looking back at the past month, SHIB dropped to $0.000012 and then rose above $0.000020. Subsequently, the price settled around $0.000017, reflecting a volatile price movement. This demonstrates the high volatility of meme coins.

The burn mechanism, a significant part of the Shiba Inu ecosystem, is thought to potentially drive the price to high values one day. However, the desired burn rates have not yet been achieved, and this has not significantly impacted the price.