Shiba Inu, a meme coin, has sustained its popularity in the crypto market due to its dedicated community's efforts to decrease its circulating supply. In the last 24 hours, there has been a notable increase in the SHIB burn rate. However, the SHIB price has struggled to keep pace with this burn rate.
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Shiba Inu's burn rate increased, but the price did not react. SHIB Burn Rate Jumps 540%
The Shiba Inu burn tracking website, Shibburn, reported a significant increase in SHIB burn rate over the last 24 hours. A total of 78 million tokens were burned, which represents a 542% increase in burn rate compared to the previous day. Shiba Inu's burn rate increased, but the price did not react.
HOURLY SHIB UPDATE$SHIB Price: $0.00000776 (1hr 0.22% ▲ | 24hr 1.32% ▲ ) Market Cap: $4,579,871,751 (1.35% ▲) Total Supply: 589,349,600,558,222 TOKENS BURNT Past 24Hrs: 78,248,958 (546.18% ▲) Past 7 Days: 233,385,451 (-78.87% ▼) — Shibburn (@shibburn) July 4, 2023
It's worth noting that the current burn rate is significant due to several days of low burn rates preceding it. However, the burn rate of the meme coin experienced a sharp decline at the beginning of the week. According to Shibburn data, the SHIB burn rate has decreased by 78.87% over the past seven days.
This suggests a resurgence in positive momentum for the burn rate, which is contributing to the permanent removal of tokens from circulation. Furthermore, it implies that Shiba Inu investors are becoming more enthusiastic about burning tokens, which could help the price to recover.
Shiba Inu Price Fails To Follow Burn Rate
The Shiba Inu burn rate has increased rapidly in the past day, but the price of the digital asset has not responded accordingly. Despite other digital assets such as Bitcoin and Ethereum experiencing a rise, SHIB is still experiencing losses and is currently one of the worst-performing coins compared to its all-time high. The meme coin has seen a decline of almost 91% from its peak in 2021, resulting in significant losses for its investors. However, SHIB is performing better than its cycle low, with a 34% increase from its lowest point in June 2021. Currently, SHIB is trading at $0.0000076 with a market cap of $4.52 billion, making it the 19th largest cryptocurrency. Its daily trade volume is currently at $115 million, a 3.24% decrease from the previous day.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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