The memecoin market has grown by 4.1% over the past 24 hours, with the second largest memecoin by market cap, Shiba Inu, up 3.2%. More notably, Shiba Inu’s burn rate has surged by a staggering 5,545.73%.
What is the reason behind this rise? What impact does token burning have on SHIB’s market? Let’s take a closer look.
SHIB Community in Action
In just one day, the SHIB community destroyed 61,468,595 SHIB tokens. This resulted in a 5545.73% surge in the destruction rate. The destruction was carried out through seven transactions that sent SHIB tokens to wallets that could not be used.
According to Shibburn data, the largest destruction involved 48,266,929 SHIB tokens, and other major destructions included 6,008,171 SHIB and 3,939,558 SHIB tokens.
SHIB Price Trends: Soaring and Falling
SHIB’s price has seen ups and downs this month. On November 1, its price was $0.00001790. By November 4, the price had dropped to $0.00001687. However, from November 5 to 11, the price surged 65.12% to $0.00002789. On November 10, the price surged 27.04% in a single day. On November 14, the price dropped back to $0.00002341, but has since fluctuated between $0.00002343 and $0.00002593.
Yesterday, SHIB price saw a massive increase of nearly 5.58%. However, today, the price has dropped by 1.55% year to date as of this writing.
A message from SHIB Marketing Director
In a recent message to the SHIB community, Shiba Inu's marketing director Lucie encouraged the community to focus on organic growth rather than relying on promotions or influencer hype. She stressed patience and commitment, and urged the community to stay away from "bad actors."
All in all, the SHIB community’s efforts to destroy tokens reflect their determination to improve the ecosystem. Despite the price volatility, Lucie’s call for everyone to remain patient and focus on building has pointed the way forward for the community.