The Shiba Inu (SHIB) community is actively continuing its token burning initiatives, with over 1.3 billion SHIB destroyed in the last week. Despite this, the token price is experiencing a downward trend.
SHIB Community Burns 1.3 Billion Tokens
As part of efforts to reduce the supply of Shiba Inu tokens, the community burned 1,338,380,740 SHIB in the past week. This process is done by sending tokens to "dead wallets," where they become inaccessible. This week showed a 2.10% increase compared to the previous one.
Burn Rate Increases by 4000%
What’s noteworthy is the recent surge in the burn rate. In the last 24 hours, the community managed to destroy over 13,152,1970 SHIB, representing a 4,063% increase. Much of this volume came from an anonymous crypto whale, who sent this amount in a single transaction.
SHIB Price Drops by 3.36%
Despite these efforts to reduce supply, SHIB's price has come under pressure, decreasing by 3.65% to the level of $0.00001156. Market analysts point out that while burning tokens helps reduce supply and create long-term scarcity, it does not guarantee price increases, especially for a coin with such a large total supply.
Thus, despite the significant amount of tokens burned and the increase in daily rates, the price of Shiba Inu continues to decline, highlighting the complexities of influencing the cryptocurrency market.
