Over the past 24 hours, the meme cryptocurrency Shiba Inu (SHIB) has seen a dramatic increase in its token burn rate, evidencing a concentrated effort by the community to reduce the number of tokens in circulation.
According to data from Shiba Inu burn tracker Shibburn, the burn rate increased by an extraordinary 17531.47%, which meant the withdrawal of over 284 million SHIB tokens from circulation.
Surprisingly, a single wallet, identified as “0xa9d…3e43“, was responsible for sending over 261 million of these tokens to be burned.
This massive increase in burn rate is a testament to the Shiba Inu community’s commitment to raising the value of the token. The strategy lies in the belief that reducing the total number of tokens in circulation will increase the demand for SHIB.
Thus, the community has undertaken a collective effort to burn more tokens, evidenced by the addition of multiple wallets to the total tokens burned in this short period of time.
However, despite the impact of this action, the Shiba Inu price has shown a relatively stable response. Despite a small initial rally at the start of the week, the token’s value remained in an established range.
A look at shiba’s recent performances
Over the course of the last 24 hours, SHIB has recorded a slight decrease of 0.20%, according to CoinMarketCap records.
On a weekly level, the cryptocurrency shows a decrease of 4.8%, influenced in part by the general slowdown of the cryptocurrency market in the previous week.
Although SHIB has risen 5.3% in the last 30 days, this figure is significantly lower than its highs reached in early November.
Despite the relative stability in price, trading volume has seen a notable increase of 64% in the last 24 hours.
Even so, Shiba Inu still occupies the #19 position by market capitalization and is the #2 largest network in the “meme coins” category, just behind Dogecoin.
This token burning move represents a bold step by the community, although its direct effects on the token price have yet to fully manifest.
