Shiba Inu, one of the leading altcoins in the cryptocurrency market, has faced significant challenges during the recent market crash. The meme coin experienced a substantial decline from its 2024 highs. Despite this downturn, the Shiba Inu community remains dedicated to reducing the coin’s supply through strategic burning efforts. Over the past day, the total Shiba Inu burn rate has seen a remarkable increase, according to the official SHIB burn tracking website, reporting a 404% surge in burned tokens.
Shiba Inu Burn Rate Sees Impressive Recovery
In August, there were several days when no SHIB coins were burned, indicating a decline in community participation. However, as the month drew to a close, the burn rate began to recover and this positive trend has continued into September.
Recent data from Shibburn reveals a 404.31% increase in the burn rate, with over 14.2 million tokens sent to the burn address. These burns were executed across seven transactions, the largest of which involved the burning of 7.286 million Shiba Inu tokens in a single transaction.
The heightened burn activity over the past day has pushed the seven-day total of burned tokens to above 312.6 million. This figure represents an 80.72% increase compared to last week’s numbers, indicating a significant rise in momentum. If this trend continues, we could witness a sharp increase in the burn rate moving forward.
Shiba Inu Price Faces Continued Struggles
Despite the surge in the burn rate, the price of Shiba Inu has not reflected this positive activity and continues to experience losses. According to data from CoinMarketCap, the Shiba Inu price has fallen by 6.18% over the past week alone. Additionally, there has been a 1.01% decline in the last 24 hours at the time of writing.
The decline in SHIB’s price has been accompanied by a decrease in trading volumes. Current 24-hour data shows an 18.34% drop in trading volume, bringing SHIB’s daily trading volume to $134 million. This is a stark contrast to earlier in the year when daily trading volumes were consistently exceeding $500 million.
However, it’s important to note that all hope is not lost for Shiba Inu. The meme coin’s price is currently responding to negative market conditions, primarily influenced by Bitcoin’s performance. Therefore, when Bitcoin begins to recover, it’s likely that Shiba Inu will follow suit and experience a price recovery.
As of now, the SHIB price is hovering around $0.000013, which is 85.1% below its all-time high of $0.000088. Despite this significant drop, Shiba Inu has maintained a year-to-date gain of 72%, thanks to its rally earlier in February and March 2024.
Stay tuned for more updates on Shiba Inu’s performance and market movements. The cryptocurrency landscape is ever-evolving, and keeping informed can make all the difference.
