Ethereum blockchain’s popular meme coin Shiba Inu sparked rumors with burns that occurred on Saturday. There had been an increase in the burn rate of the Meme Coin over the past week. According to data provided by Shibburn, which tracks burns specific to Shiba Inu, the weekly burn rates increased by 160%, reaching 102.40 million SHIB in the last seven days.
Slight Increase in Burn Rate
According to data obtained today, there has been a 36.96% increase in the token’s burn rate in the last 24 hours. The 1.53 million SHIB removed from circulation in the last 24 hours seems to represent a significant increase in percentage terms.
The developments related to the burns seem to be a result of the efforts by users and investors connected to the Shiba Inu ecosystem to improve the token’s market performance. Looking at Shiba Inu’s weekly review, data from 21milyon.com shows an increase of over 2%.
Until recent hours, this figure had been over 4%, but it has declined following a drop in Bitcoin and a negative 24-hour outlook reflected in the charts.
Latest on SHIB Burns
Looking at the data, the Shiba Inu community has burned 410.70 trillion SHIB from the token’s initial supply to date.
This situation, which is thought to have a positive effect on SHIB tokenomics, seems to be progressing clearly, supporting the positive outlook formed in the market for the token.
As a result of the burns, the remaining supply has decreased to 581.41 trillion, indicating a significant reduction since the meme coin’s inception. This also helps foster bullish sentiments for the token.
On the other hand, one of the leading members of Shiba Inu, Lucie, shared a post on platform X, highlighting the integration process of Shiboshis into Shibarium and mentioned that transactions will be smooth with SHIB burn.
While the integration is expected to contribute to Shiba Inu’s burning process, it is also emphasized that it will support the progression of SHIB’s tokenomics.
Shiba Inu Price Declines
While all this is happening, there seems to be a downward trend in the market today for the token, as the majority of the market, including Bitcoin, continues its decline.
At the time of writing, with Bitcoin falling below $51,000, Shiba Inu’s price has experienced a 3.42% drop in the last 24 hours, finding buyers at the level of $0.000009479. This price drop appears to have an inverse correlation with the increase in burn rates over the past week and today.
There has also been a decrease in SHIB’s overall volume. The market cap of the meme coin has fallen by 3.73% to $5.59 billion. The trading volume has calculated at only $173 million, a 21% decrease in the last 24 hours.
