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The Shiba Inu community continues its efforts to reduce token supply, yet a recent decline in the burn rate has raised concerns. According to recent data, the burn rate dropped significantly in the last 24 hours, correlating with a similar trend in SHIB prices. Community members are seeking greater clarity on the meme coin’s future amid overall market fluctuations.
Shiba Inu Burn Rate Decreases by 72%
Token burns are closely monitored events in the cryptocurrency market. The Shiba Inu community regularly burns tokens to remove them from circulation, hoping to increase the overall value of the remaining tokens.
Latest SHIB Burn Details
Recent Shibburn data indicates that the Shiba Inu burn rate decreased by approximately 71.56% in the last 24 hours. During this period, a total of 8.73 million SHIB tokens were burned, sparking discussions in the market. The two largest burn transactions over the past day were executed by the same account.
2024 SHIB Burn Data Raises Optimism
“A total of 44.62 billion tokens have been removed from circulation throughout 2024,” stated Shibburn on its X platform, highlighting the SHIB community’s strong commitment.
Moreover, token burns have surged by 164.53% in the last week, with 102.86 billion tokens burned. This data reflects the community’s dedication to its long-term goals.
Will SHIB Prices Continue to Decline?
The latest SHIB price chart shows the cryptocurrency has dropped about 2% and is trading at $0.00002119. Trading volume has decreased by 30%, falling to $593 million. However, SHIB Futures Open Interest has increased by 34%, indicating potential strong momentum ahead.
“We are expanding our vision regarding the functionality of ecosystem tokens,” stated Shiba Inu Lead Developer Shytoshi Kusama, emphasizing that the meme coin aims to transcend mere entertainment.
Recent developments within the Shiba Inu community have raised optimism in the market. With the upcoming TREAT token launch on January 14, the cryptocurrency is viewed as having new upward potential.
While the decline in Shiba Inu’s burn rates may have shaken short-term investor confidence, plans for the long term and community commitment send a positive signal for the coin’s future. It is crucial for investors to closely monitor changes in market dynamics.
