- Shiba Inu’s burn rate exploded by 5545%, removing 61 million tokens and potentially increasing its long-term scarcity.
- 61.33% of SHIB holders are profitable, supported by increased burns and new trading options on Binance.
According to data from blockchain tracker Shibburn, Shiba Inu [SHIB] Burn rate increased by 5545.73% in the last 24 hours.
A total of 61,468,595 SHIB tokens were permanently removed from circulation, and the majority of the burn can be attributed to one significant transaction.
Source: Siban
The SHIB write mechanism is a community-driven effort to reduce the supply of tokens and increase scarcity.
After the burn event, the total market supply of SHIB at the time of writing is approximately 589.26 trillion tokens, with the remaining supply supporting the token market activity.
Movement of SHIB after burns
SHIB was traded at: $0.00002526 At the time of writing, it reflects an increase of 1.89% over the past 24 hours and an increase of 4.80% over the past week.
Over the past 24 hours, SHIB has been trading between $0.00002453 and $0.00002639, highlighting its continued volatility.
Despite the burn event and price spike, SHIB briefly attempted to break out of the highs, but has returned to its current range.
This price movement suggests that the immediate impact of the burn on market dynamics will be limited, but the long-term impact will likely depend on sustained token removal efforts.
More trading options on Binance
Furthermore, recently Binance expanded Shiba Inu trading options. The platform introduced spot grid trading and spot DCA (Dollar Cost Averaging) for the SHIB/USDC pair.
With enhanced trading options, SHIB will increase activity and market participation.
This development, combined with the ongoing burn mechanism, could support modest price increases if market conditions remain favorable.
Owner profitability
Data from IntoTheBlock revealed We can see that 61.33% of SHIB addresses were profitable at the time of article creation price of $0.000025. 28.71% maintain a loss and 9.97% break even.
read a book about shiba inu [SHIB] Price prediction for 2024-2025
These numbers highlight the concentration of profitability in the $0.000008 to $0.000025 price range, suggesting solid support from long-term holders.
Source: Into the Block
This profitability data, coupled with sharp burn rates and new trading options, paints an optimistic picture about the SHIB community and the potential for sustained market activity.
