The burn rate of Shiba Inu (SHIB) has experienced a substantial increase of 1677.45%, resulting in the elimination of more than 131 million tokens within the past 24 hours. This surge in burn rate was predominantly driven by a specific transaction that removed over 123 million SHIB tokens from circulation.
Despite this significant rise in the burn rate, the price of Shiba Inu (SHIB) has declined, showing a 3.2% decrease in the last 24 hours.
Nevertheless, the token has maintained an upward trend, with gains exceeding 11% in the 14-day charts and over 25% in the previous month. It’s important to note that the broader cryptocurrency market has undergone a correction within the last 24 hours. Bitcoin (BTC) has experienced a 1% decrease in the daily charts, while Ethereum (ETH) has seen a 0.7% dip in the same time frame.
Other major cryptocurrencies, such as Solana (SOL) and Avalanche (AVAX), have witnessed more substantial declines, with SOL plummeting by over 4% and AVAX dropping by more than 6% in the same period.
Shiba Inu’s Road to 2024: Can Momentum Fuel Price Growth?
Throughout 2023, SHIB’s value has faced challenges, with a modest increase of approximately 28% since January. In contrast, meme coins, including its primary competitor Dogecoin (DOGE), have experienced subdued growth, with DOGE rallying just over 32% during the same period. Other alternative coins, such as Solana (SOL), have outperformed, witnessing a remarkable surge of over 1000% since January 2023.
Despite this lackluster performance, a turnaround could be on the horizon for the popular meme coin. If the cryptocurrency market undergoes another bullish phase in the coming year, Shiba Inu (SHIB) might experience a substantial and rapid increase in its value. Additionally, the project team is actively engaged in various new initiatives to enhance the SHIB ecosystem. These efforts aim to intensify token burns and promote greater adoption. Furthermore, the introduction of the project’s layer-2 network earlier in the year, though not immediately impacting SHIB’s value, holds the potential to attract more applications to the SHIB network over time.