Recent data from the public tracking platform Shibburn indicates a notable surge in the SHIB token burn rate over the past 24 hours, with millions of meme coins being removed from circulation. Concurrently, the SHIB team has issued an encouraging message to the Shiba Inu community, aiming to bolster morale in the face of the current downturn in the crypto market.
SHIB Burns Intensify by 3,172%
According to the aforementioned data source, there has been an impressive 3,172% increase in SHIB’s burn rate within the last day. Despite this substantial percentage rise, the actual amount of meme coins sent to inaccessible blockchain wallets was not massively large: A total of only 2,481,036 SHIB has been burned. Among these transactions, the largest two involved burning 1,331,608 and 1,000,000 SHIB, respectively.
Encouragement from the SHIB Team
The official marketing leader of the SHIB team, known by the pseudonym Lucie, released a statement addressing the Shiba Inu community amid the turmoil in the crypto market. Lucie highlighted the rise in stock prices while BTC and ETH faced depreciation. “Stocks are hitting all-time highs (ATH) while BTC and ETH are losing ground,” Lucie said, suggesting this was a “planned move” rather than a coincidence.
According to Lucie, major investors are attempting to eliminate leveraged positions from the market before the next significant upward movement. She recalled a time when Ethereum 
$3,094 lingered at $1,385, seemingly dormant, before reaching its all-time high. “A similar trap is being set for altcoins now,” she noted.
However, Lucie shared a positive outlook: “Interest rate cuts are on the way, with liquidity flow impending,” noting that the real gains are likely to appear in the last quarter of the year. Lucie encouraged the SHIB community to “stand strong against the storm,” reinforcing their spirits.
While the over 3,000% increase in SHIB burn rate is noteworthy, the total amount burned remains relatively small, underscoring the symbolic level of this surge. The percentage increase is impressive, yet its quantitative impact is limited.
The morale-boosting talk from the SHIB team appears to be an effort to maintain the classic investor psychology. Additionally, the anticipation of interest rate cuts and liquidity flow offers prospects of positive pricing for not only SHIB but the entire crypto market, though the timing and method of these macroeconomic expectations influencing prices remain uncertain.
