Shiba Inu is one of the altcoins that have been hit, especially in the crypto market crash, seeing a substantial decline from its 2024 highs. However, this has not deterred community members from their mission of trying to reduce the meme coin’s supply through burning. Over the last day, there has been a notable jump in the total Shiba Inu burn rate as the official SHIB burn tracking website reported a 404% increase in burned tokens.
Shiba Inu Burn Recovers
The month of August saw a number of days where no SHIB coins were burned, showing that there was a decline in participation. However, toward the end of the month, the Shiba Inu burn rate began to pick up and this has continued into the month of September.
Shibburn’s data shows a 404.31% increase in the burn rate after over 14.2 million tokens were sent to the burn address. These burns took place across seven transactions, with the largest single burn sending 7.286 million Shiba Inu tokens to the burn address.
The burn over the last day has brought the seven-day burned tokens above 312.6 million. This is also an 80.72% increase from last week’s figures, showing that momentum is up this week. A continuation of this could see a sharp increase in the burn rate from here.
SHIB Price Still Struggling
The increase in the Shiba Inu burn rate has not translated to the price as it continues to nurse losses this week. So far, data from CoinMarketCap shows that the Shiba Inu price has dropped 6.18% in the last week alone. Additionally, there has been a 1.01% decline in the last day as of the time of this writing.
The decline in the SHIB price has been accompanied by struggling volumes. 24-hour data shows an 18.34% decline to bring SHIB’s daily trading volume to $134 million. This is a massive change from earlier in the year, when daily trading volumes were crossing $500 million.
However, all hope is not lost for the Shiba Inu price given that the meme coin is just responding to the negative market headwinds. Simply put, the meme coin’s price is down because Bitcoin is struggling. This means that when the Bitcoin price does begin to recover, then a recovery is likely for the Shiba Inu price as well.
At the time of writing, the SHIB price is trending at $0.000013, which puts it 85.1% below its all-time high price of $0.000088. Nevertheless, it continues to maintain a year-to-date gain of 72% thanks to its rally in February and March 2024.
Featured image created with Dall.E, chart from Tradingview.com
