Shiba Inu Community Continues Burn Frenzy With Shibburn Noting 4000% Surge

On Thursday morning, the cryptocurrency market registered further losses, witnessing a decline in Bitcoin (BTC), Ethereum (ETH), and smaller altcoins. At the time of reporting, Bitcoin had incurred a 2.82% decrease while Ethereum showed a 4.50% decline. The prevailing downturn extended to the popular meme coin, Shiba Inu (SHIB). The crypto’s price experienced a notable 6% dip in price over the past 24 hours while the SHIB burn rate skyrocketed by nearly 4,000%.

The plunge comes after the unprecedented spike in the Shiba Inu burn rate this week. This is a cause of concern as the SHIB burns were expected to push the prices up. The recent surge coincided with the heightened interest in Shibarium, which is a layer-2 blockchain introduced by the Shiba Inu team in 2023.

SHIB Burn Stats

According to Shibburn, a website for tracking Shiba Inu token burns, over 1.21 million SHIB tokens were burned in the last 24 hours. This reflects a whopping 3,963.36% increase in the crypto’s burn rate. Among various transactions, one stood out, involving the transfer of over 1 million SHIB tokens from an unidentified wallet to a dead wallet.

The total of SHIB tokens burned has now surpassed 410.69 trillion, which is more than 41% of the max total supply. Earlier, on December 22, 2023, the SHIB burn rate skyrocketed by a staggering 161,540.53% as Shibarium burned 8.53 billion tokens. Thereafter, the network burned another 8.47 billion tokens the next day.

Also Read: SHIB Burn Rate Spikes 310%, Can It Spur Price Rally?

Shiba Inu Price Declines Continue

Crypto burns are commonly employed to reduce a token’s supply and propel its price upwards. However, the recent spike in the SHIB burn rate failed to trigger the meme coin’s price up.

On Thursday, January 4, 2024, the SHIB price was $0.000009628 at press time, reflecting a 5.02% decrease in the last 24 hours. The crypto currently maintains its position as the 17th largest cryptocurrency with a market capitalization of $5.67 billion.

On the other hand, amid the recent price dip, a surge in SHIB demand was noticed. In the last 24 hours, the meme crypto’s trade volume soared by 66.73% to $301.51 million. Whilst, in the past week, the SHIB price plunged by over 11%.

However, in the last 30 days, the Dogecoin Killer’s 1-month returns were recorded to be 7%. These gains can be attributed to the initial upward trend in December. But, Shiba Inu is currently 89.12% down from its all-time high of $0.00008845 attained in October 2021.

Also Read: Shiba Inu Weekly Burn Report