The Shiba Inu (SHIB) ecosystem has reported a dramatic increase in its token burn rate, surging 286% within a 24-hour period.
Despite the significant percentage increase, the actual number of tokens burned was relatively small at 269,722 SHIB, translating to approximately $3.28 at current market value.
Weekly burn statistics paint a different picture, revealing a total of 13,772,405 SHIB burned over the past week. This figure represents a sharp weekly decline of 97.82%.
Meanwhile, SHIB’s price showed signs of recovery, climbing 2.32% following a recent decline of approximately 5%. The token is currently trading around $0.00001213.
Market analysts note that SHIB’s price movement often correlates with broader cryptocurrency trends, particularly fluctuations in Bitcoin’s value. The recent decline was largely attributed to such market-wide headwinds.
The token burn mechanism, which permanently removes SHIB from circulation, remains a core feature of its economic model. This reduction in supply is theoretically designed to increase the token’s scarcity and potential value over an extended period, though daily burn volumes remain modest relative to its vast total supply.