Shiba Inu has been one of the altcoins particularly hit by the cryptocurrency market crash, dropping significantly from its 2024 highs. However, this has not stopped community members from their mission to reduce the meme coin's supply through burning. Over the past day, Shiba Inu's total burn rate has increased significantly, with the official SHIB burn tracking website reporting a 404% increase in burned tokens.
Shiba Inu's burns heal
There were several days in August when no SHIB coins were burned, indicating a decline in participation, but towards the end of the month, Shiba Inu's burn rate began to increase, a trend that has continued into September.
Shivern's Data show The burn rate increased by 404.31% after over 14.2 million tokens were sent to the burn address. These burns took place across seven transactions, with the largest burn sending 7.286 million Shiba Inu tokens to the burn address.
The past day's burns bring the total tokens burned in the seven days to over 312.6 million. This is an 80.72% increase from last week's figure, indicating increased momentum this week. If this continues, the burn rate may increase sharply from here.
SHIB prices continue to struggle
Shiba Inu's increased burn rate has not been reflected in its price, which continues to suffer losses this week. So far, according to data from CoinMarketCap, Shiba Inu's price has fallen 6.18% in the last week alone. Additionally, at the time of writing, it has fallen 1.01% in the last day.
The drop in SHIB price has been accompanied by sluggish trading volumes. 24-hour data shows that SHIB’s daily trading volume fell 18.34% to $134 million. This is a big change from earlier this year, when daily trading volumes were over $500 million.
However, all is not lost on Shiba Inu as meme coins are simply reacting to market headwinds. Simply put, meme coin prices are falling because Bitcoin is struggling. This means that once Bitcoin's price starts to recover, Shiba Inu's price will likely recover as well.
At the time of writing, SHIB is trading at $0.000013, 85.1% below its all-time high of $0.000088, but it remains up 72% year-to-date thanks to rallies in February and March 2024.
Featured image created by Dall.E, chart taken from Tradingview.com
