Shiba Inu burns play a significant role. In the last 24 hours, SHIB burns saw a remarkable 5,569% increase. Despite the burns, the price did not seem to reflect this. The reason behind the burns in SHIB, considering the declines in the crypto market, is currently unknown.
Shiba Inu Burn Rate Rises
The increase in Shiba Inu’s burn rate occurred contrary to the market trend. According to data provided by Shibburn, known for tracking Shiba Inu burns, the number of tokens sent to non-retrievable wallets in the last 24 hours was around 12 million. Compared to the previous day, this figure represented a 5,549% increase.
However, when compared to the burn rate increase in recent days, this rate was significantly lower. According to data provided by Burn Tracker on Monday, a massive 202,974% increase occurred after millions of tokens were sent to the burn address by investors within a 24-hour period.
When examining how the burns occurred, six different transactions were identified. The largest burn was carried out by a single wallet address known as “0x60812..39fe80.” The burns carried out by this wallet amounted to 10.1 million coins in two separate transactions, accounting for more than 90% of the total burn.
According to data provided by Shibburn, over 402.7 million tokens were burned within a 7-day period. This represents a 1,098.7% increase over the week.
Current SHIB Price Status
Cryptocurrency burns generally aim to reduce supply, create excess demand, and increase the price. This is also the goal for SHIB, but the supply is still known to be very large.
On the other hand, looking at Shiba Inu’s price performance in the last 24 hours, it was seen trading at $0.00001815 after a drop of over 6.5%. This price movement contradicts the reported 5,549% burn rate increase. It should also be noted that SHIB experienced a 16.5% drop in the weekly view, but the burn rate increased by over 1,000%.
During this period, SHIB’s market cap fell to $10.5 billion, while the 24-hour trading volume increased by 41% to $602 million.
