- SHIB burn rate surged by 567.83 percent as millions of tokens were removed from circulation.
- The community burned 4,618,788 SHIB within 24 hours, with two major transactions leading the effort.
- The weekly burn rate increased by 3,829.29 percent, eliminating over 1.16 billion SHIB from supply.
SHIB burn rate has surged significantly, removing millions of tokens from circulation. Despite this massive burn, SHIB’s price unexpectedly dropped following a sharp increase earlier in the week. Meanwhile, Bitcoin’s price movements influenced the market, reacting to global trade negotiations.
SHIB Burns Spike 567%
The Shiba Inu community intensified its burn efforts, pushing 4,618,788 SHIB into inaccessible blockchain wallets within 24 hours. This increase in burn activity led to a 567.83% spike in the overall burn rate. Two major transactions contributed significantly, moving 1,913,509 and 1,425,595 SHIB to dead wallets.
On a weekly scale, the community achieved an even greater milestone, reducing the supply by 1,163,645,543 SHIB. The weekly SHIB burn rate skyrocketed by 3,829.29%, reflecting heightened efforts from SHIB holders. These burns aim to limit supply and increase scarcity, potentially benefiting long-term price movements.
The total supply of SHIB remains massive, with 584,276,060,739,814 coins still in circulation. Approximately 410,744,336,857,535 SHIB have been burned, with Ethereum co-founder Vitalik Buterin contributing significantly in 2021. Additionally, 4,979,602,402,649 SHIB are locked in DeFi projects, reducing the circulating volume further.
SHIB Price Takes Unexpected Plunge
Despite the substantial burn rate increase, SHIB’s price failed to reflect this progress, instead experiencing a sudden drop. Over the past 24 hours, SHIB lost over 11% of its value, trading at $0.00001522. This downturn followed a strong rally earlier in the week when SHIB soared by nearly 31%.
The price decline erased gains made on Monday, when SHIB reached $0.00001690 amid increased buying pressure. Market trends showed volatility, with investors reacting quickly to external economic factors. SHIB’s performance aligned with broader cryptocurrency trends, mirroring Bitcoin’s fluctuations.
Investor sentiment remains mixed, as SHIB burn efforts continue without immediate price impact. Some analysts believe that the token’s deflationary strategy could yield long-term benefits. However, short-term price movements remain uncertain, driven by broader market forces rather than just supply reduction.
Bitcoin’s Impact on SHIB and Market Volatility
Bitcoin surged 10% on Monday, recovering from a steep decline over the weekend due to trade tensions. The U.S. government announced new tariffs on Mexico, Canada, and China, shaking global financial markets. However, trade negotiations paused the 25% tariffs on Mexican imports, stabilizing investor confidence.
Following this development, Bitcoin briefly reclaimed the $102,000 level before slipping by 3.8% to $98,255. The cryptocurrency market remained volatile, with investors responding quickly to geopolitical events. Bitcoin’s fluctuations influenced SHIB and other altcoins, contributing to their price instability.
Despite short-term uncertainty, market participants continue monitoring burn rates and macroeconomic factors. SHIB holders remain hopeful that reduced supply will eventually translate into higher valuations. However, immediate price movements continue to depend on broader market trends and investor sentiment.