Recent data indicates a significant spike in the burn rate of the Shiba Inu token (SHIB), yet its price experiences high volatility. This article delves into the main factors influencing the market.
SHIB Burn Rate Increase
According to Shibburn, 4,618,788 SHIB were removed from circulation in the last 24 hours, marking a 567.83% increase in the burn rate. Over the past week, burns reached 1,163,645,543 tokens, a 3,829.29% increase compared to the previous week.
Price Dynamics
Despite the aggressive burn rate, the price of SHIBA INU is highly volatile, experiencing an 11% drop after a 31% surge earlier this week. Initial pricing at $0.00001690 decreased to $0.00001522, eventually stabilizing at $0.00001618.
Market Impact
The SHIBA INU price drop is initially linked to Bitcoin's upward momentum, increasing by 10% on Monday. However, the broader market downturn can be attributed to recent economic events and U.S. government's tariff decisions.
Even with a significant rise in SHIBA INU's burn rate, the price remains unaffected, reflecting broader cryptocurrency market trends.
