Shiba Inu (SHIB) Sees Astounding 2,682% Surge in Daily Burn Rate But Price Remains Unfazed
Bull sentiments around Dog-themed cryptocurrency surged rapidly, as the burn rate surged by 26.8 fold in the last 24 hours.
Shiba Inu (SHIB), a meme coin that gained immense popularity in the crypto community, surged to fame following a tweet by billionaire Elon Musk. Despite initial speculation, Musk clarified that his cryptocurrency holdings are limited to Bitcoin, Dogecoin, and Ethereum, distancing himself from SHIB.
According to the latest updates from Shibburn’s official X (formerly Twitter) account, 18,617,208 SHIB tokens were burned in the past 24 hours, marking a dramatic 2,682.44% surge in the daily burn rate.
Despite this sudden increment in the burn rate of this meme token, the trade price remained down just like other cryptocurrencies.
“Burning token supply can increase trade price by reducing the total supply available, which can create scarcity and potentially drive up demand relative to the decreased supply, thus increasing the price.”
At the time of writing this article, the trade price of the Shiba inu token is $0.000018 & this trade price is 34% down over the last 3 months and also we can see that no sudden fluctuation was seen in the price over the last 24 hours.
It is worth it to note that the on-chain activities around this meme crypto tokens plummeted sharply in the last few months.
According to IntoTheBlock, large transactions of Shiba Inu have dropped significantly, with only 45 large transactions recorded in the past day compared to a recent peak of 285 on June 18. This decline suggests reduced market activity and may impact the token’s trading price negatively.
The decrease in large transactions suggests less activity from influential whale investors in the Shiba Inu token, possibly due to overall bearish market sentiment.
Fear & Greed Index
In the present time Fear & Greed Index is 55, which means greed among crypto investors is still high via investing in cryptocurrencies for the short term.
But here we need to see the plunging graph of this index, which has been sharply declining since mid-June 2024.
