In just one day, Shiba Inu’s burn rate has skyrocketed by an unbelievable 4,100%, with a staggering 21,709,094 SHIB tokens vanishing from existence. This dramatic reduction in supply is making waves in the crypto community.
As reported by the Shibburn X account, this recent burn is nothing short of impressive. The data shows that 21,709,094 SHIB were burned, leading to a remarkable increase in the daily burn rate of 4,100.35%. A single significant transaction, where 21,088,148 SHIB were burned, played a pivotal role in this surge.
At the moment, the latest SHIB price stands at $0.00002372, experiencing a slight drop of 0.06% over the past hour and a 2.13% decrease in 24 hours. The total market cap for Shiba Inu now sits at approximately $13,977,981,987, after a 1.97% decline. With a total supply of 589,257,014,659,157, these burns are crucial in decreasing the circulation.
In the past week, a total of 104,230,574 SHIB tokens have been burned, marking an increase of 86.58% compared to the previous week.
While the burn rate is soaring, the market isn’t as rosy for the Shiba Inu price, which has seen a dramatic decline of nearly 11% in just 24 hours. This decline mirrors a broader market sell-off that has resulted in approximately $711 million in liquidations across the cryptocurrency landscape. A wave of selling pressure has impacted numerous digital assets, leaving many investors on edge.
Interestingly, Shiba Inu has also witnessed a 2,004% spike in large transaction volume, indicating a flurry of activity among whales. These large holders have been moving significant amounts of SHIB, with transactions exceeding $100,000 becoming more common. According to IntoTheBlock, the total volume in large transactions has reached 34.42 trillion SHIB—equivalent to about $751.22 million—in the past 24 hours. Such movements often signal strategic maneuvers by these prominent players, either in preparation for market shifts or as reactions to current market conditions.
As excitement builds within the Shiba Inu community, all eyes are on January 14. The countdown is on, and anticipation is high.
With these developments, it’s clear that while the burn rate is creating buzz and hope for the future, the Shiba Inu price is facing challenges amidst a turbulent market environment. The interplay between significant burns, market volatility, and whale activity will be essential to watch in the coming days.
