Shiba Inu (SHIB) demonstrates a notable increase in its token burn rate, yet this has not improved the pricing situation in the market.
Increase in SHIB Token Burn Rate
In the last 24 hours, the burn rate of Shiba Inu tokens has risen by 201,207%, indicating community efforts to reduce the total supply of tokens in circulation. According to Shibburn, 4,559,620 SHIB tokens were burned during this period. Despite the impressive percentage, it is worth noting that the amount burned is relatively small compared to the total token supply.
Current SHIB Price Situation
Despite the increased burn rate, the price of Shiba Inu continues to face downward pressure. Currently, the price of SHIB is $0.00001222, which is 2.84% lower compared to the previous week. The token temporarily peaked at $0.00001257 but was unable to maintain this level due to low trading volume. The trading volume stands at $153.6 million, which is 14.77% less.
Outlook and Market Sentiment
Investors are beginning to show interest in alternative meme coins like Pepe and Bonk, which may negatively impact interest in SHIB. The community hopes for a bullish trend in September; however, it is unclear whether the ongoing burn activities will have a significant impact on the token's price in the near future.
Shiba Inu shows a high token burn rate; however, the price of the token continues to be under pressure, highlighting the challenges that meme coins face in current market conditions.
