Shiba Inu (SHIB), an Ethereum-based memecoin, has captured significant attention in the crypto world today, leading to a substantial increase in its token burn rate. On-chain data reveals that hundreds of millions of SHIB tokens have been burned in the last 24 hours, an event that stands out amidst the altcoin’s recent price decline.
The new SHIB token burns, emerging amid today’s price drop, have sparked a wave of speculation across the cryptocurrency market. This has led to increased interest in Shiba Inu from crypto enthusiasts.
According to data from Shibburn, a platform that tracks SHIB burns, the Shiba Inu community has witnessed an immense 1,677% increase in the burn rate over the past day. The community has contributed to this surge by removing a total of 131.45 million SHIB tokens from circulation yesterday.
One Shiba Inu community wallet address played a significant role by transferring 123.66 million SHIB to a dead wallet, thus contributing to the token burn. This action, along with the community’s support, has resulted in a 100.25% increase in the weekly token burn rate.
Despite the increase in the token burn rate, the price of SHIB has fallen by 1.99% in the last 24 hours to $0.00001044 at the time of writing. The market cap of the token has also decreased by 1.96%, dropping to $6.15 billion.
While SHIB’s price is currently on a downward trend, the market performance over the past few days indicates high expectations from the community. The ongoing token burns confirm these expectations, and market observers anticipate that future burns could support and potentially increase the token’s price.