SHIB Price Slips While Burn Rate Spikes 1,379% In 24 Hours

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SHIB Price Slips While Burn Rate Spikes 1,379% In 24 Hours
  • Shibburn data showed that 106,241,658 SHIB tokens were burned within the last 24 hours
  • The burn represents a 1,379.5% increase in SHIB’s burn rate
  • However, Shiba Inu recorded a 2.5% decline in 24 hours, putting its price at $0.00000885

According to Shibburn, a renowned community-driven tracking platform for Shiba Inu, the burn rate of Shiba Inu has recorded a notable surge in the last 24 hours compared to the figure obtained in the past day.

Shibburn’s statistics showed that the Shiba Inu token burn rate hit 1,379.50% after 106,241,658 SHIB tokens were destroyed within 24 hours.

Shiba Inu Burn Rate: Shibburn

Notably, the spike in Shiba Inu’s burn rate followed a single burn transaction, where a hundred million tokens were sent to an irrecoverable wallet. Prior to that, the number of incinerated SHIB tokens hovered around seven million.

Meanwhile, on a seven-day scale, the collective burned SHIB tokens account for a lower share than the value document from the previous week. Per Shibburn statistics, 209,372,604 Shiba Inu tokens have been eliminated in the past seven days. The figure is a 37.49% drop from the previous record.

However, despite the substantial 24-hour increase in the Shiba Inu burn, the digital asset’s value has failed to benefit positively from the turnout. According to CoinMarketCap data, Shiba Inu registered a 2.5% decline in 24 hours, putting its price at $0.00000885.

Furthermore, CoinMarketCap statistics indicated that Shiba Inu experienced a sharp decline within a two-hour window, crashing from $0.000009128 to $0.00000885.

Shiba Inu 1 Day Chart: CoinMarketCap

It is worth mentioning that the Shiba Inu community has expended enormous effort in cutting down the excessive circulating supply of the SHIB. Since its inception, over 410.66 trillion SHIB tokens have been burned. Yet, the circulating supply remains at a staggering 580.37 trillion.

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