In the past 24 hours, the Shiba Inu community significantly increased the burn rate of meme tokens, yet the SHIB price showed opposite trends.
SHIB Burn Rate Surge
Yesterday, the efforts of the Shiba Inu community led to a 5,785% increase in the SHIB token burn rate. Several large transactions were made to dead-end wallets, including the two largest transfers amounting to 1,263,583 and 1,000,000 SHIB. Over the past week, 63,327,612 SHIB were destroyed, which is nearly 20 times more than previous periods, though the overall burn rate decreased by 6.81%.
SHIB Price Fluctuations
On January 21, Shiba Inu demonstrated a price increase of 7.71%, reaching $0.00002126. However, this was followed by a 3.85% decline to $0.00002043. Such movements in recent days follow the trends of Bitcoin, which after a rise of more than 6%, reached $107,163 but later fell to $104,900. On Monday, Bitcoin set a new high of $109,114.
Crypto World Celebrates Ross Ulbricht's Pardon
The cryptocurrency community celebrates Ross Ulbricht's pardon, the founder of the Silk Road platform, one of the first to adopt Bitcoin as a payment method. Ulbricht was sentenced to two life terms after the platform was shut down, but President Donald Trump recently granted him a pardon.
Community activity and significant events like Ross Ulbricht's pardon contribute to the dynamics of the crypto world, even when not always reflected in prices.
