The Shiba Inu community continues to actively burn tokens, contributing to the reduction of their supply on the market. Significant changes in burn rate and price of the cryptocurrency were recorded over the last day.
SHIB Burn Rate Shows 211% Growth
According to data shared by wallet tracker Shibburn, the daily SHIB burn token metric has increased by 211.77% over the past 24 hours. However, a total of only 219,849 tokens were burned. In weekly terms, 6,989,286 SHIB were transferred to unspendable wallets. Despite this significant amount, the weekly burn rate has decreased by 25.13%.
SHIB Price Surges Detected
Amid recent events, the price of Shiba Inu experienced a surge of 5.15% within just a few hours, reaching $0.00001257. However, this rebound quickly reversed into a 3.13% drop, with SHIB currently trading at $0.00001218 per token.
Overall Status of Shiba Inu Market
This week, the largest burn transactions included 1,694,200, 1,076,047, 1,331,608, and 1,000,000 SHIB. The current market capitalization stands at $7,232,093,438, reflecting a 1.35% decrease.
In conclusion, despite the community's efforts to burn tokens, the price of Shiba Inu remains under pressure from the market. These events may influence further price fluctuations.
