Bitrabo Editorial
Despite facing a market crash and a significant drop from its 2024 highs, Shiba Inu enthusiasts remain committed to reducing the meme coin’s supply through burning. The latest data indicates a remarkable surge in the total burn rate, with an official SHIB burn tracking website reporting a 404% increase in the number of burned tokens over the last day.
Positive Trend in Shiba Inu Burn Rate
The month of August witnessed several days with no SHIB coins burned, signaling reduced participation. However, towards the end of August and continuing into September, the Shiba Inu burn rate has shown a promising upward trajectory.
Statistics from Shibburn reveal a significant 404.31% rise in the burn rate following the burning of over 14.2 million tokens in seven transactions. The largest burn involved sending 7.286 million Shiba Inu tokens to the burn address.
In the recent burn cycle, more than 312.6 million tokens have been burned over seven days, marking an 80.72% increase compared to the previous week. This upward momentum suggests a potential acceleration in the burn rate ahead.
Challenges Persist for SHIB Price
Despite the notable increase in the burn rate, the Shiba Inu price continues to face challenges, with ongoing losses throughout the week. Current data from CoinMarketCap indicates a 6.18% decline in the SHIB price over the past week, along with a 1.01% drop in the last 24 hours.
Moreover, trading volumes have struggled, experiencing an 18.34% decrease in 24-hour trading volume, now standing at $134 million. This decline contrasts sharply with the higher daily trading volumes above $500 million seen earlier in the year.
Nonetheless, there is optimism for the Shiba Inu price, with its downward movement primarily attributed to broader market conditions, particularly the challenges faced by Bitcoin. A potential recovery in the Bitcoin price could trigger a similar rebound for Shiba Inu.
As of the latest data, the SHIB price sits at $0.000013, marking an 85.1% decrease from its all-time high of $0.000088. Despite this, the coin maintains a year-to-date gain of 72%, largely attributable to its impressive rally in February and March 2024.