The cryptocurrency market remained mostly quiet over the weekend, however, Shiba Inu (SHIB) faced a 9% drop amid rising token burns.
Price Dynamics of Shiba Inu
In the last week, the price of Shiba Inu dropped nearly 9%, falling from around $0.000015 to $0.000012. This decline raised concerns among investors following the recent price rally in April, when it was at $0.000010.
Increase in SHIB Token Burning
On-chain data shows that approximately 19.05 million SHIB tokens were burned in the last 24 hours, resulting in a burn rate increase of more than 468,968%. The burn mechanism, launched in 2022, aims to reduce the total supply to help boost prices over time. So far, over 410 trillion SHIB tokens have been burned, with about 589 trillion still in circulation.
User Activity and Holder Statistics
According to data from IntoTheBlock, while whale transactions have increased, there has been a slight decline in daily active wallets. This mixed state may indicate continuing interest from some investors but also raises questions about the liquidity of the token going forward.
Shiba Inu (SHIB) continues to attract attention among investors despite recent price fluctuations. The surge in token burns could further impact the market in the future.
