- Shiba Inu burn rates have surged by more than 25,000%; however, it is unknown how this will effect the value of this memecoin on the market.
- The price of SHIB has dropped dramatically by 16.96% in the last week, although it is increasing by 2.69% each day.
According to the most recent statistics from Shibburn, Shiba Inu has experienced an incredible spike in its burn rate in an apparent demonstration of deflationary status during a general market downturn.
The burn rate for SHIB has climbed by an astounding 25,035.22% in the last day, indicating a strong community dedication to lowering the token’s supply, in line with what ETHNews previously disclosed.
Shiba Inu’s Deflationary Stratus
Shiba Inu looks to be defying the odds by considerably boosting the quantity of tokens it is incinerating, despite the current crypto slaughter that has seen major price corrections across the industry. Over the course of the previous day, eleven separate transactions resulted in the destruction of 658,082,956 SHIB.
The whole SHIB supply was reduced as a result of this operation from its initial allotment of one quadrillion tokens to 410,725,555,674,170.
At the moment of incineration, the burned tokens were valued at around $14,385 in the market. But even with this proactive supply reduction strategy, it’s still unclear how it will affect the market value of Shiba Inu.
The price of SHIB is currently $0.00002347, according to CoinMarketCap. This represents a 2.69% increase for the last 24 hours but a notable 16.96% decline over the last seven days, indicating a strong bearish trend in the market.
With a 12% decrease in market capitalization, the SHIB is currently valued at $12.7 billion, and its daily trading volume is $1.9 million. These numbers highlight the meme token’s exposure to market conditions that are both volatile and difficult.
Notably, the token’s value has not yet shown any signs of improvement despite the prolonged burn. It is currently trading between $0.000022 and $0.000025, with a resistance range of 51 trillion SHIB.
Sentiment Among Investors
Analysts and investors are keeping a careful eye on these developments because they believe that the sharp rise in the burn rate could serve as a trigger for further value gains.
The community is still optimistic that these steps toward deflation would finally result in a positive reaction from the market. Still, a lot of effort needs to be put in place in order to stabilize and possibly raise SHIB’s market value.
Many saw the significant burning event—one of the biggest the protocol has seen in recent weeks—as a crucial step toward increasing the token’s scarcity and, consequently, its allure to investors.
It is unclear if this approach will be successful in the long run, given the downward pressure and investor caution currently facing the larger cryptocurrency market.