- Shiba Inu (SHIB) burn rate has surged by 3,963% in the last 24 hours, burning 1.22 million SHIB tokens.
- Despite a 2% increase in the last 24 hours, SHIB’s current market price is $0.000009600.
- The overall crypto market is experiencing a significant downturn, with $730 million in liquidations in a single day.
The burn rate for the cryptocurrency Shiba Inu (SHIB) has increased notably, rising by 3,963% within the last 24 hours. This surge reflects the burning of 1.22 million SHIB tokens, impacting the coin’s circulating supply which now stands at 581.01 trillion tokens.
While the overall cryptocurrency market is experiencing a significant downturn, the rate at which SHIB tokens are being burned has surged sharply, indicating that a substantial number of tokens have been removed from circulation. This burn rate increase for SHIB comes even as the broader crypto market faces challenging conditions.
SHIB Burn Rate Increases As Crypto Market Faces Downturn
SHIB’s current market price is $0.000009600, a 2% increase over the last 24 hours. Despite the recent broader crypto dip, SHIB has shown some resilience over the past 30 days, still trending upwards amidst a difficult environment for cryptocurrencies more broadly. This relative resilience for SHIB stands out at a time when the crypto market just saw $730 million in liquidations occur in a single day.
The acceleration in SHIB’s token burn is happening contemporaneously with increased volatility and losses impacting both long and short positions in the crypto space overall. While the situation poses risks for traders, analysts suggest Shiba Inu investor sentiment could shift in the coming days.
With over one million tokens burned in 24 hours, analysts and investors are closely monitoring the rising scarcity of SHIB tokens, combined with renewed potential interest in the cryptocurrency. This burn rate development has the possibility of playing a key role in shaping SHIB’s path forward as the new year gets underway during a period of flux for cryptocurrency markets.
