Shiba Inu Burn Rate Soars 5,785% as Price Faces Volatility

The Shiba Inu community significantly increased its token burn rate over the past 24 hours. Data from Shibburn, a popular crypto tracking platform, indicates a remarkable 5,785% rise in the burn rate. Despite this substantial effort, SHIB’s price has not mirrored the upward momentum.

Over 3.2 Million SHIB Tokens Burned

Community efforts led to the removal of 3,244,007 SHIB tokens from circulation. Two notable burn transactions contributed significantly, destroying 1,263,583 and 1,000,000 SHIB tokens respectively. These coins were transferred to inaccessible wallets, effectively reducing the circulating supply.

Over the past week, the Shiba Inu community destroyed a total of 63,327,612 SHIB tokens, which is approximately 20 times the amount burned in the last 24 hours. However, week-on-week burn rate data shows a slight decline of 6.81%, signaling a dip in the pace of token burns.

https://twitter.com/shibburn/status/1881809037089444197

SHIB Price Experiences Mixed Movements

On Tuesday, January 21, SHIB’s price showed an impressive spike, climbing 7.71% to reach a daily high of $0.00002126. However, this rally was short-lived. Following the surge, SHIB’s value dropped by 3.85%, settling at $0.00002043. The price movement closely mirrored Bitcoin’s trajectory, indicating broader market influences.

Bitcoin, the world’s largest cryptocurrency by market capitalization, experienced a similar pattern. On Tuesday, Bitcoin gained over 6%, peaking at $107,163. Yet, by the next day, its price had retreated by 2.11%, settling at $104,900. Earlier in the week, on Monday, Bitcoin reached an all-time high of $109,114, marking its highest level since December 16. The surge was driven by market anticipation surrounding the inauguration of Donald Trump.

https://twitter.com/FXCryptoNews/status/1735196829405323748?s=20

While the Shiba Inu community’s commitment to reducing the token supply remains strong, the SHIB price continues to fluctuate, reflecting market volatility. The correlation with Bitcoin suggests that macro trends in the cryptocurrency market significantly influence SHIB’s performance.

Disclaimer: The information in this article should not be considered financial advice, and FXCryptoNews articles are intended only to provide educational and general information. Please consult with a financial advisor before making any investment decisions.