Shiba Inu has witnessed a remarkable surge in its token burn rate, skyrocketing by an impressive 25,035.22% over the past day, according to Shibburn.
This increase reflects a strong community commitment to reducing the token’s supply and enhancing its deflationary status during a widespread market downturn, aligning with insights previously shared by ETHNews.
Despite the broader crypto market undergoing significant price corrections, Shiba Inu is actively countering the trend by increasing the number of tokens it burns.
In just one day, eleven transactions led to the burning of 658,082,956 SHIB, effectively reducing the total supply from its initial one quadrillion tokens to 410,725,555,674,170.
At the time these tokens were burned, they were valued at approximately $14,385. The ongoing strategic reduction of SHIB’s supply has yet to show a clear impact on its market value, which remains uncertain.
Currently, SHIB is priced at $0.00002347, as per CoinMarketCap data, showing a slight 2.69% increase over the past 24 hours but a substantial 16.96% drop over the past week.
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This points to a strong bearish trend within the market. Moreover, SHIB’s market capitalization has fallen by 12%, now standing at $12.7 billion, with a daily trading volume of $1.9 million.
These figures underline the meme token’s vulnerability to the volatile and challenging market conditions.
Despite the extensive token burns, the value of SHIB has not shown signs of recovery, trading between $0.000022 and $0.000025, and facing a resistance range of 51 trillion SHIB.
Market analysts and investors are closely monitoring these developments, suggesting that the dramatic increase in the burn rate may potentially boost the token’s value.
The community remains hopeful that these deflationary measures will eventually prompt a positive market response, though much effort is still needed to stabilize and possibly enhance SHIB’s market value.
This significant burn event, one of the largest in recent weeks, is seen as a crucial move to increase the token’s scarcity and its appeal to investors.
However, the long-term success of this strategy remains uncertain amidst ongoing market challenges and investor caution within the broader cryptocurrency landscape.
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