Markets News

SHIB Burn Rate Soars Amid Continued Price Decline

According to data from Shibburn, the leading tracker for SHIB burns, the burn rate for Shiba Inu, the popular meme coin, increased by 71.55% over the past day, leading to the destruction of over 42.76 million tokens in a 24-hour period. This rapid reduction in supply, which follows a 281% weekly surge in burn rate, has not yet translated to a stabilization or rise in SHIB’s value.

How Does the Burn Impact Shib’s Price?

Shibburn’s latest data reveals the broader trends of SHIB’s performance. Over the past 24 hours, the meme coin has lost 3.95% of its value, with the current price sitting at $0.00002252 and a 24-hour trading volume of $430,049,137.89. Market capitalization stands at approximately $13.27 billion, marking a decrease of 3.72% during the same period.

Over the past seven days, SHIB has recorded a cumulative decline of 8.86%, underperforming both the global cryptocurrency market, which is down by 4.2%, and other Ethereum-based cryptocurrencies, which have collectively gained 12.7%. The circulating supply remains at approximately 590 trillion SHIB tokens, underscoring the challenge of driving substantial price growth through burn efforts alone.

Despite the recent burn rates, Shibburn previously reported a much higher burn percentage of 2,355.86% in a single day a few weeks ago. This unprecedented burn rate led to the removal of 110.47 million tokens from circulation, potentially creating upward pressure on SHIB’s value due to reduced supply. However, the anticipated impact on market price remains unrealized, as the burn rates have not prevented SHIB’s steady price decline.

The Shiba Inu community remains attentive to burn rate trends, understanding their long-term implications on token scarcity and value. However, recent patterns show that reducing supply through accelerated token burns alone may not immediately result in higher prices, given broader market conditions and SHIB’s significant supply. Whether these sustained burn efforts will eventually reverse the current price decline remains an area of interest for both investors and analysts.

XRP's Rollercoaster Ride: Will History Repeat Itself on July 1st? Read Previous

XRP's Rollercoaster Ride: Will History Repeat Itself on July 1st?

Ethereum's Price Plunge: Is it Following the 2019 Pattern? Expert Weighs In Read Next

Ethereum's Price Plunge: Is it Following the 2019 Pattern? Expert Weighs In