The Shiba Inu burn initiative has started the week on a positive note with a substantial increase in its token burn rate over the past 24 hours. Data from Shibburn, the platform that tracks SHIB token burns, reveals a staggering 5,043% increase in the burn rate. During this period, over 53.13 million SHIB tokens were burned, largely due to two significant transactions. One address sent 20,000,000 SHIB to the burn wallet, while another transaction from the same address involved the transfer of 25,000,000 SHIB to the same wallet.
The significant surge in the Shiba Inu burn rate has created a wave of speculative excitement within the cryptocurrency market. Investors and traders are closely monitoring these burn events as they signal increased demand and potentially affect token supply dynamics. However, despite the rise in burn rate, the Shiba Inu price has been experiencing a bearish trend, with a 1% decline in the last 24 hours, according to CoinMarketCap.
Coinciding with the recent increase in burn rate, a massive whale transaction was also reported. The on-chain tracker, Whale Alert, revealed a transfer of 4.25 trillion SHIB to an unknown wallet. What’s noteworthy about this transaction is the use of a relatively low gas fee, which was less than $3. The ability to transfer such a large amount of SHIB tokens at a minimal cost further intrigued market participants and fueled speculations about the motives behind this transaction.
The Shiba Inu team has been actively burning SHIB tokens, contributing to the overall reduction in token supply. Just a few days ago, on December 22, the team burned a massive 8.47 billion SHIB tokens. This burn followed another burn of 8 billion SHIB tokens earlier the same day. In total, the team burned approximately 17 billion SHIB tokens that day alone. This marked the fourth time this month that the team executed such a significant burn, reaching a total of 33.8 billion SHIB tokens burned by the team so far.
The systematic burns carried out by the Shiba Inu team are starting to have an impact on the overall supply of SHIB tokens. With each burn, the supply of SHIB continues to decrease, potentially creating scarcity in the market. This reduction in supply, combined with the growing interest from investors and traders, has the potential to influence the price dynamics of SHIB in the future.
As of writing, Shiba Inu (SHIB) is trading at $0.000010, experiencing a 1% decline in the last 24 hours. Additionally, the trading volume has decreased by over 30% to approximately $184.65 million. The market cap of SHIB is also down by 1% to $6 billion. These figures reflect the current market conditions and investor sentiment surrounding Shiba Inu.
The surge in the Shiba Inu token burn rate has sparked a wave of speculative excitement, even as the price experiences a bearish trend. With significant burns carried out by the Shiba Inu team and a massive whale transaction, the dynamics of SHIB token supply and market outlook continue to evolve. Investors and traders will be closely monitoring these developments to assess the implications for future price movements.