#MemeWatch2024 Shiba Inu Burn Rate Increases 434% During Market Recovery; Can it reach $0.0001?
After a slow week, Shiba Inu's burn rate increased again. Burn Rate Has Increased Over 400% in 24 Hours, Moving with Shiba Inu Price as Crypto Market Recovers
Shibburn, a burn tracking website, reports a huge spike in token burning over the past few days. In the last 24 hours, 18 burn operations have burned around 14 million tokens
This is 434% more than the 2.6 million the previous day. Burn volume has dropped 67% since Monday, so this is good news for the meme coin. Burned transactions are also increasing, indicating the desire of Shiba Inu holders to reduce the supply of tokens
In the previous 24 hours there were 8 burn transactions that transferred over 1 million tokens to the burn address. Of course, these addresses burn the most tokens, along with smaller transactions.
Despite this considerable increase in the daily consumption rate, the weekly consumption rate is still struggling. According to Shibburn, more than 42.4 million tokens have been burned. However, it is 70.41% less than last week's total, indicating that this week's burns are falling short. However, moving SHIB coins to the burning address benefits the ecosystem, even if slightly.
Price at $0.0001 with SHIB Burn?
The burning campaign reduces the supply of tokens to boost SHIB prices. With SHIB supply exceeding 500 trillion, this limited its upside potential. By decreasing supply, the community aims to boost demand.
The burning has progressed more slowly than expected. Two years after its launch, burning has not reached one billion tokens. Around 410.7 billion tokens have been burned