Shiba Inu, the top meme coin on the Ethereum blockchain by volume and market ranking, has caught investors’ attention with a significant increase in its weekly burn rate. Despite the recent burning announcement’s ongoing impact, the price of the meme coin has not mirrored the rise in burn rate, instead experiencing a decline.
Shibburn, a platform known for tracking SHIB burns, reported an approximate 6000% surge in burns, fueling rumors within the crypto community. However, on the day of the reported increase, the burn rate actually dropped by 95.05%, potentially disappointing investors.
Data from Shibburn shows a 5891.2% increase in burn rate over the last seven days, with 820,007 SHIB burned in the past 24 hours. Since its inception, the Shiba community has burned 410.70 trillion SHIB, with notable burns by Ethereum’s Vitalik Buterin still fresh in market participants’ minds.
Despite high burn volumes, nearly half of the meme coin’s supply remains in circulation. The community’s ambitious goal of reaching a $1 valuation for SHIB seems distant, considering the current supply and market cap. The unpredictability of cryptocurrencies, however, leaves room for unexpected price movements.
Currently, Shiba Inu’s price has seen a net decrease of 3.2% in the last 24 hours, trading at $0.00000982. Significant drops in market value and 24-hour trading volume have been observed, with the price retreating to below the $0.0001 level, raising questions about the effectiveness of the burns.
