Recently, the burn rate of Shiba Inu (SHIB) has dropped significantly by 72% in the last 24 hours, which has left many people worried about its impact on SHIB's price trend. It's important to know that the SHIB community has been working hard to reduce the number of tokens in the market, hoping to increase token value through this method.
What is the burn rate? Simply put, it is when the SHIB community regularly burns a portion of tokens to reduce the supply in the market, aiming to increase the token's value. But recently, with the decline in burn rate, discussions in the market have started to arise.
Data shows that only 8.73 million SHIB tokens were burned in the past 24 hours, which is a stark contrast to previous figures. Although 410.74 trillion tokens have already been burned, there are still 584.18 trillion tokens in circulation.
However, despite the recent disappointing burn rate, the overall efforts of the SHIB community this year are still commendable. By 2024, 44.62 billion tokens have been burned, and 10.286 billion tokens were burned in the past seven days.
So will SHIB's price continue to fall? The situation doesn't look optimistic at the moment. Today, SHIB's price has already dropped by 4.05%, and trading volume has plummeted by 30%. However, on the flip side, although futures open interest has fallen by 34%, some people believe this signals a potential upward movement for SHIB in the future.
Moreover, there have been some good news from the SHIB community recently. Chief developer Shytoshi Kusama discussed the uses of SHIB, BONE, LEASH, and TREAT tokens in a podcast, and mentioned a big plan to transform SHIB from a mere meme coin into a 'Shib Network Nation.' Furthermore, with the TREAT token set to launch on January 14, many people are becoming optimistic again.
The current trend of SHIB is indeed concerning, but the market is always fluctuating. Perhaps one day, SHIB will regain momentum and reach new highs. Let's wait and see!