Shiba Inu is one of the meme coins that has managed to maintain its popularity in the crypto market as the community remains committed to reducing the circulating supply of the asset. To that end, a significant increase in SHIB burn rate has been recorded over the past 24 hours. However, SHIB price has had a hard time keeping up with this burn rate.
SHIB Burn Rate jumps 540%
According to the Shiba Inu burn tracking website, Shibburn, the SHIB burn rate saw a massive burn over the last 24 hours. In total, over 78 million tokens were burned, representing a 542% increase in burn rate compared to the previous day.
HOURLY SHIB UPDATE$SHIB Price: $0.00000776 (1 hour 0.22% ▲ | 24 hours 1.32% ▲ )
Market Cap: $4,579,871,751 (1.35% ▲)
Total supply: 589,349,600,558,222TOKENS BURNED
Last 24 hours: 78,248,958 (546.18% ▲)
Last 7 days: 233,385,451 (-78.87% ▼)—Shibburn (@shibburn) July 4, 2023
Now it’s important to keep in mind that this burn rate is remarkable because it follows several days of low burn rates. In fact, the meme coin opened the new week with a drastic drop in burn rate. Data from Shibburn shows that the SHIB burn rate has decreased by 78.87% over the past seven days.
This indicates a return of positive burn rate momentum, helping to permanently remove tokens from circulation. Moreover, it also shows that Shiba Inu investors are becoming more positive about token burning, which could help to recover the price.
SHIB price down over 90% from ATH | Source: SHIBUSD on TradingView.com
Shiba Inu price does not track burn rate
Despite the rapid rise in Shiba Inu burn rate over the past day, the price of the digital asset has not reacted in kind. SHIB is still lagging and recording losses even at a time when digital assets like Bitcoin and Ethereum are on the rise again.
SHIB is now one of the worst performing coins when you compare its current price to its all-time high. The meme coin is now nearly 91% lower than its all-time high in 2021, with the vast majority of investors taking losses on their holdings.
However, the cryptocurrency is performing well compared to the low point in the cycle. After reaching the lowest point of this cycle on June 10, it is up 34% from that level, though this barely puts a dent in its investors’ losses.
At the time of writing, SHIB is changing hands at a price of $0.0000076, according to Coinmarketcap data. Its market cap has fallen rapidly this year, dropping it to $4.52 billion, making it the 19th largest cryptocurrency in the space. SHIB’s daily trading volume currently stands at $115 million, up 3.24% from the previous day’s figures.