In a fascinating twist for the Shiba Inu (SHIB) community, the rate at which SHIB tokens are being burned has increased significantly, even as the price of the meme coin shows modest gains.
Recent data from the Shibburn explorer indicates a 62.58% increase in the SHIB burn rate over the past 24 hours, with approximately 6.9 million SHIB tokens removed from circulation through 10 separate transactions.Recent SHIB Burn Events And Market Response: A Detailed Analysis
Details of the 10 transactions show that the largest single burns were 2.55 million SHIB, 1.5 million SHIB, and 1 million SHIB, respectively.HOURLY SHIB UPDATE Price: $0.00002383 (1hr -1.77% ▼ | 24hr -3.80% ▼ )
Market Cap: $14,172,538,490 (-2.80% ▼)
Total Supply: 589,273,577,774,968TOKENS BURNT
— Shibburn (@shibburn)
Past 24Hrs: 6,985,600 (62.58% ▲)
Past 7 Days: 57,671,544 (-56.28% ▼)
Despite this aggressive approach to reducing supply recorded in the past day, Shiba Inu’s price has not mirrored the enthusiasm seen in the burn rate. Currently, SHIB has seen a modest increase, up by 0.1% over the last 24 hours and 1.6% over the past week.
This performance is less pronounced than that of other meme coins like PEPE, BOME, and FLOKI, which have seen increases of 11.6%, 8.9%, and 6.5%, respectively, over the same seven-day period.Shibarium’s Downturn and Bullish Predictions for Shiba Inu Price
On the other hand, the Shibarium layer-2 solution, designed to enhance Shiba Inu’s scalability and efficiency, is experiencing a slowdown in on-chain activity.formed a falling wedge pattern on the 1D time frame If we breakout, a price pump of 50% + is expected 📈 Memeseason continues. — Dami-Defi (@DamiDefi)Featured image created with DALL·E, Chart from TradingView