The Shiba Inu community has continued their effort in reducing the token’s supply from the market but the recent burn rate drop has sparked concerns. According to recent data, the burning rate has declined significantly over the last 24 hours, with SHIB price also witnessing a similar trajectory. Now, investors are seeking further clarity over the meme coin’s future amid a topsy-turvy scenario noted in the broader market.
Shiba Inu Burn Rate Plunge 72%
Why It Matters?
The token burns are one of the closely watched developments in the crypto market. For context, the SHIB community actively burns the leading meme coin regularly to bring down the supply from the market, hoping it might help in increasing the value.
For context, the burning of tokens helps in reducing the supply of the crypto from the market. This, in turn, helps in increasing the prices creating a scarcity of supply.
Recent SHIB Burn Details
According to recent Shibburn data, the Shiba Inu burn rate declined about 71.56% over the last 24 hours. Only a total of 8.73 million SHIB tokens were burnt in this timeframe, which has sparked discussions in the market. The two highest burns from yesterday were 465,766 and 420,946, conducted by the same account “0x6d0…93d26”.
Meanwhile, a total of 410.74 trillion tokens were removed from the initial supply with this latest burn. However, despite the massive burns, the current circulating supply of the token still stands at 584.18 trillion. Notably, the token has started the year with a muted burn activity.
Source: Shibburn, X
2024 SHIB Burn Data Fuels Optimism
Although the recent decline in the daily Shiba Inu burn rate dampens investors’ sentiment, the past year’s data reflects the strong commitment of the SHIB community. According to Shibburn’s X post, a total of 44.62 billion tokens have been destroyed from the supply through 2024.
Simultaneously, the token burns also stayed in the green over the past seven days. A recent X post showed that the SHIB burn was up 164.53% over the last seven days, with 102.86 billion tokens incarcerated.
Will SHIB Price Continues To Decline
The latest SHIB price chart showed that the crypto fell about 2% today and exchanged hands at $0.00002119, while its trading volume plummeted 30% to $593 million. Notably, the token hovers between $0.00002179 and $0.00002047 in the last 24 hours, indicating the strong selling pressure in the market. However, despite the plunge SHIB Futures Open Interest rose 34%, indicating a strong momentum ahead for the top dog-themed meme coin.
Besides, the recent developments within the Shiba Inu community have also fueled market optimism. In a recent podcast, Lead Developer Shytoshi Kusama commented on the utilities of ecosystem tokens like SHIB, BONE, LEASH, and TREAT. Besides, he also shared a vision of a transformation from merely a meme coin to a “Shib Network State.”
Considering that, it appears that the meme coin is gearing up to regain its momentum with the broader crypto market recovery soon. In addition, the optimism further soared with the upcoming TREAT token launch on January 14. A recent SHIB price analysis also discussed the crypto’s potential to hit a new high following the TREAT launch.
The post Shiba Inu Burn Rate Slips 72%; SHIB Price To Follow Suit? appeared first on CoinGape.
