As the Shiba Inu community buzzes about a possible SHIB ETF, participants continue to actively play their part in reducing the amount of tokens in circulation. According to a recent update, the Shiba Inu burn rate has skyrocketed by more than 3,600% in the last 24 hours. This development has ignited speculations about a potential impact on the price of SHIB in the short term.
However, the price of the coin has been consolidating around $0.000016 in the last seven days, raising questions about the possibility of a break out of this level to the $0.000017 zone. Will this be the case? Let us look at the burn rate hike in detail.
More Than 71 Million SHIB Destroyed in One Day
Shibburn, a dedicated Shiba Inu burn tracker, reported that the rate at which Shiba Inu was burned in the last 24 hours has Surged by 3,641%. Consequently, about 71,187,963 Shiba Inu coins were removed from circulation. Interestingly, these many tokens were burned across seven transactions.
In the past 24 hours, there have been a total of 71,187,963 $SHIB tokens burned and 7 transactions. Visit https://t.co/t0eRMnyZel to view the overall total of #SHIB tokens burned, circulating supply, and more. pic.twitter.com/0H6Ilp01aE
— Shibburn (@shibburn) July 12, 2024
Notably, one transaction destroyed more than 90% of the entire burn. According to data from the Shibburn website, the transaction, carried out about 20 hours ago from press time, moved exactly 69 million SHIB tokens to a burn address. An hour before that, about 1.17 million SHIB were burned.
The other recorded transactions destroyed below 500k SHIB tokens. So far, the dedicated Shiba Inu community, popularly known as the SHIB army, has successfully removed over 410.7 trillion SHIB from circulation, remaining a staggering 583.3 trillion.
Source: Shibburn
It is important to note that the idea behind the burn mechanism is to drastically reduce the amount of SHIB in circulation to a point where demand can exceed supply. This can then increase the value of the asset, reaching desired heights. While the total amount of SHIB in circulation is still significantly large, the community members are resilient in their quest and it will be interesting to see how it plays out in the future.
Shiba Inu (SHIB) Price Movement
While the burn rate for Shiba Inu is skyrocketing, its price is taking a different direction. According to data from CoinMarketCap, the price of SHIB crashed by 4.04% over the last day to trade at $0.0000159. However, its one-day trading volume has grown by 21.36% to rest at $233.6 million.
Notably, SHIB has traded between the lows and highs of $0.00001592 and $0.00001703 respectively, representing an 81.4% drop from its all-time high of $0.00008616 attained during the bull run in 2021. On the weekly chart, SHIB has gained about 19.42% and has dropped by 28% on the monthly chart.
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