The Shiba Inu cryptocurrency, a notable meme coin on the Ethereum blockchain, has caught attention due to an uptrend in its coin burn activity as recorded last Saturday. The past week observed a substantial 160% rise in burn rate, eliminating 102.40 million SHIB from circulation. Shibburn, a platform monitoring Shiba Inu burns, confirmed this spike.
Recent Uptick in Token Burns
Recent statistics show a 36.96% surge in the coin’s burn rate within the previous day, with 1.53 million SHIB tokens incinerated. This removal of tokens from the market is a strategic move by the Shiba Inu community, aiming to enhance the coin’s market value. Despite a weekly increase of over 2% in Shiba Inu’s performance, recent hours have witnessed a decline below 4%, paralleling a dip in Bitcoin‘s value and a general bearish trend in the crypto market.
Community-Driven Token Burn Impact
To date, the Shiba Inu community has burned an impressive 410.70 trillion SHIB from its original supply, with the current remaining supply sitting at 581.41 trillion. These efforts are believed to positively influence the token’s economics and market sentiment. Lucie, a prominent Shiba Inu team member, announced on social media the integration of Shiboshis into Shibarium, which is expected to streamline transactions and further incentivize token burns.
Market Response to Shiba Inu’s Strategy
However, Shiba Inu’s price is currently on a downward trajectory, alongside the broader market and Bitcoin, which has slipped below $51,000. Shiba Inu is trading at $0.000009479, down 3.42% over the past day. The meme coin’s market capitalization has also declined by 3.73% to $5.59 billion, with trading volume dropping by 21% to a mere $173 million.
As these developments unfold, the Shiba Inu community remains hopeful that increased burn rates and strategic tokenomic initiatives will lead to long-term growth and stability for the meme-inspired cryptocurrency.