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- 177.8M SHIB tokens were incinerated in the last 24 hours, marking an increase of 323.81%.
- The SHIB price has decreased by 4.14% to $0.000007107 according to data from CMC.
The burn rate of Shiba Inu has surged by over 323%, totaling more than 177.8M SHIB within the past 24 hours. Nevertheless, the token’s price has continued to decline alongside the broader cryptocurrency market.
According to data from Shibburn, a platform that monitors SHIB’s burn rate, 177.8M SHIB tokens were incinerated in the last 24 hours, reflecting a 323% increase. In this period, the two wallets responsible for the largest burning transactions were 68,999,999 and 41,082,889.
As reported by CMC, the SHIB price has dropped by 4.14% to $0.000007107, despite the increasing burn rate. However, traders are closely monitoring the cryptocurrency in light of the recent surge in SHIB’s burn rate.
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Investors Optimistic
Recent analysis from IntoTheBlock indicates that most current memecoin holders are experiencing unrealized losses, with only 11% of Shiba Inu investors currently in profit. Additionally, data reveals that whales constitute 63% of the SHIB supply.
The Shiba Inu community is witnessing unprecedented levels of token burns, and efforts are being redirected towards enhancing the cryptocurrency’s footprint in the DeFi sector. Moreover, the community’s enthusiasm is evident through the active discussions occurring across various social media platforms.
Some market participants are optimistic about the cryptocurrency, considering these factors, and expect a price increase in the near term. However, the overall market turmoil may have deterred some potential investors from participating.
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