Shiba Inu Burn Rate Rises 404% Despite Market Crash
Shiba Inu, one of the cryptocurrencies crushed in the crypto market crisis, has fallen significantly from its 2024 highs. Despite this, community members continue to burn meme coins to diminish their availability. Shiba Inu token burns increased 404% in the past day, according to the official SHIB burn monitoring website.
Shiba Inu Burn Heals
August witnessed few SHIB coin burns, indicating a drop in involvement. At the conclusion of the month, the Shiba Inu burn rate increased, and this has persisted into September.
After sending over 14.2 million tokens to the burn address, Shibburn's burn rate increased 404.31%. In seven transactions, the highest burn sent 7.286 million Shiba Inu tokens to the burn address.
Seven-day burnt tokens now exceed 312.6 million after the final burn. Momentum is up this week with an 80.72% rise from previous week. The burn rate might rise sharply if this continues.
SHIB Price Struggles
The price continues to lose this week despite the rising Shiba Inu burn rate. According to CoinMarketCap, the Shiba Inu price has declined 6.18% in the last week. The last day had a 1.01% drop as of this writing.
SHIB prices have fallen, causing volume issues. SHIB's 24-hour trading volume fell 18.34% to $134 million. This is a big turnaround from earlier this year, when daily trade volumes exceeded $500 million.
All hope is not lost for the Shiba Inu pricing as the meme currency is only reacting to market headwinds. The meme coin's price is falling because Bitcoin is suffering. When the Bitcoin price recovers, the Shiba Inu price will likely follow.
SHIB is now trading at $0.000013, 85.1% below its all-time high of $0.000088. Its rise in February and March 2024 keeps its year-to-date gain at 72%.
