Recently, the burn rate of Shiba Inu (SHIB) has significantly dropped by 72% within 24 hours, causing many to worry about its impact on SHIB's price trend. It is known that the SHIB community has been working hard to reduce the number of tokens in the market, hoping to increase the token's value through this approach.
What is the burn rate? In simple terms, it is when the SHIB community regularly burns a portion of the tokens to reduce the supply in the market, aiming to make the tokens more valuable. However, with the recent drop in burn rate, the market has started to buzz with discussions.
Data shows that only 8.73 million SHIB have been burned in the past 24 hours, which is a stark contrast compared to before. Although 410.74 trillion tokens have already been burned, there are still 584.18 trillion tokens in circulation.
However, it should be noted that while the recent burn rate is disappointing, overall, the SHIB community's efforts this year are still commendable. By 2024, a total of 44.62 billion tokens have been burned, with 10.286 billion burned in the past seven days.
So, will the SHIB price continue to fall? Looking at the situation now, it indeed doesn't look optimistic. Today, SHIB's price has already dropped by 4.05%, and the trading volume has also plummeted by 30%. However, it should be noted that although the open interest in futures has decreased by 34%, some believe this is a signal for SHIB to make a comeback in the future.
Moreover, the SHIB community has recently received some good news. Chief developer Shytoshi Kusama discussed the uses of SHIB, BONE, LEASH, and TREAT tokens in a podcast, and mentioned plans to transform SHIB from a mere meme coin into a grand project of 'Shib Network Nation.' Additionally, with the TREAT token set to launch on January 14, many are beginning to feel optimistic again.
The current trend of SHIB is indeed concerning, but the market always fluctuates. Perhaps one day, SHIB can regain momentum and reach new highs. Let's wait and see!