Shiba Inu Burn Rate Drops 82%: What It Means for SHIB Price
The Shiba Inu token, currently the second-largest memecoin by market capitalization, experienced an 82% decline in its burn rate within 24 hours. Data from ShibBurn shows only 1,556,906 SHIB tokens were burned during this period. Despite this significant reduction, the SHIB price demonstrated resilience with a 3.48% increase, suggesting sustained market confidence.
Key Developments in Shiba Inu’s Market Activity
- 24-hour burn rate decreased by 82% (1.55 million SHIB burned)
- Weekly burn rate declined 11.9% (48.74 million SHIB burned)
- Current circulating supply valued at $6.96 billion
- Price increased 3.48% despite reduced burning activity
- Network transactions grew 195-200% week-over-week
Shiba Inu Price Trends and Market Analysis
Trading at $0.00001342, SHIB presents mixed performance signals. While the token gained 1.28% over the past week, it remains 6% lower than its monthly high. Crypto analyst Olivia Brooke observes, “SHIB’s price movements show increasing correlation with Bitcoin – BTC‘s market performance will likely influence SHIB’s next significant price movement.”
Understanding the Impact of Burn Rate on SHIB
Token burning reduces available supply, potentially increasing scarcity and value. The recent slowdown may indicate either reduced network activity or strategic changes in the Shiba Inu ecosystem. The concurrent price increase suggests other market factors may be supporting SHIB’s valuation.
Market Outlook for Shiba Inu
With Bitcoin continuing to dominate market trends, SHIB’s future performance will likely depend on broader cryptocurrency movements. The memecoin faces critical resistance levels that will determine whether it can recover recent losses or face continued pressure.
