Shiba Inu’s Burn Surge 466% but SHIB Price Plummets 22%

In a dramatic turn of events, Shiba Inu has witnessed a remarkable 466% increase in weekly token burns. According to the Shibburn X account, the community burned 364,382,742 SHIB tokens in the last seven days. This aggressive burn rate demonstrates a concerted effort to enhance the coin’s scarcity, with the expectation of a potential price boost.

HOURLY SHIB UPDATE$SHIB Price: $0.00001333 (1hr 2.53% ▲ | 24hr -13.26% ▼ )
Market Cap: $7,846,500,195 (-13.49% ▼)
Total Supply: 589,272,561,830,745

TOKENS BURNT
Past 24Hrs: 7,367,937 (-34.98% ▼)
Past 7 Days: 364,382,742 (466.83% ▲)
— Shibburn (@shibburn) July 5, 2024

However, despite the significant increase in burns, SHIB’s price has not reacted as anticipated. Instead, it has tumbled, reflecting a 22% decrease over the past week. Several factors could explain this unexpected outcome, including broader market conditions, investor sentiment, and profit-taking activities by investors.

Increased Volatility In The Crypto Market

The broader cryptocurrency market has experienced increased volatility since the week’s start. Many coins, including Bitcoin, have faced downward pressure, falling for the fourth straight trading session. This trend contrasts sharply with recent record highs in global stock markets. Shiba Inu, in particular, has suffered higher losses, reaching a 10% decline.

Since July 3, SHIB’s price has steadily declined from highs of $0.0000173. If today’s session also closes in red, it will mark the third consecutive day of losses. At the time of writing, SHIB has dropped 9.39% in the last 24 hours to $0.00001384, after hitting lows of $0.00001266. The token is down 22% for the week.

Investors Eye U.S. Jobs Data

Investors are now keenly waiting for the latest U.S. jobs statistics, set to be released later on Friday. These statistics are crucial as they could provide hints on the Federal Reserve’s policy stance.

Recent soft economic indicators have strengthened the case for the U.S. central bank to ease monetary policy in the coming months. Despite the Shiba Inu community’s efforts to boost the token’s scarcity through increased burns, the price has continued to fall.

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This highlights the complex interplay of various factors influencing cryptocurrency prices, including market conditions, investor behavior, and broader economic indicators. As the market remains volatile, all eyes are on the forthcoming economic data to gauge future trends.

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.