Recent data from Shibburn, a platform tracking Shiba Inu token burns, indicates a significant spike in burn rate over the past 48 hours. However, despite the increased burn activity, the token’s market performance has been volatile, with a sharp decline following an initial price surge.
SHIB Burn Rate Increases
On-chain data reveals that the community has removed 4,618,788 SHIB from circulation within the last day, representing a 567.83% increase in the burn rate. The two largest transactions in this period moved 1,913,509 SHIB and 1,425,595 SHIB into non-spendable addresses, reducing the available supply.
Over the past week, the token burns have been even more substantial, reaching 1,163,645,543 tokens—a 3,829.29% increase compared to the previous week. Despite these efforts, the asset remains one of the most widely circulated meme coins, with a current supply of 584.27 trillion SHIB.
Of this total, 410.74 trillion tokens have been permanently removed from circulation, with a significant portion burned in 2021 by Ethereum co-founder Vitalik Buterin, who received half of the token’s initial supply from the asset’s anonymous creator, Ryoshi. Additionally, 4.97 trillion SHIB tokens are currently staked across various DeFi platforms.
Price Drops 11% After Initial Surge.
Despite the aggressive burn rate, the asset’s price experienced significant volatility. After an impressive 31% increase on Monday, the token reversed course, declining by 11% within 24 hours. The asset initially dropped from $0.00001690 to $0.00001522, erasing some of the gains made earlier in the week, but has since stabilized at $0.00001618.
The sudden price drop came after the asset followed Bitcoin’s upward momentum. As the asset that sets the pace for the broader market, Bitcoin saw a 10% increase on Monday, recovering from a 12% decline between Friday and Monday.
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The cryptocurrency market experienced a downturn triggered by the U.S. government’s decision to impose tariffs on Canada, Mexico, and China, which led to uncertainty in the financial markets. Following the U.S. government’s decision to delay the 25% tariffs on Mexican imports, Bitcoin saw a rapid rebound, surpassing $101,000. The delay helped ease market uncertainty, allowing Bitcoin to recover from its earlier losses.
Bitcoin temporarily regained the $102,000 level but has since retracted, dropping to $98,179, and falling below $100,000 again. The impact of Bitcoin’s price fluctuations on SHIB highlights the broader market correlation between major cryptocurrencies and meme coins.
While the token’s burn rate has dramatically increased, the price has not responded positively. The market remains unpredictable as the asset follows broader cryptocurrency trends.
As of report time, Shiba Inu (SHIB) is trading at $0.00001613, with an 11.11% price dip over the last seven days.
Disclaimer: This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are urged to do in-depth research before making any investment decisions. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses.
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