Sharp Drop in SHIB Price Coincides with a Staggering 1100% Increase in Shiba Inu Burn Rate

Crypto News– Shiba Inu is once again making waves in the cryptocurrency sphere, with its community actively burning substantial amounts of tokens, as reported by the Shiba community’s data.

Sharp Drop in SHIB Price Coincides with a Staggering 1100% Increase in Shiba Inu Burn Rate

During ongoing price fluctuations in the SHIB token, the community has diligently worked to garner support for enhancing SHIB tokenomics. This concerted effort has resulted in a significant number of tokens being burned. According to data from Shibburn, a platform tracking SHIB token supply and burn dynamics, the Shiba Inu burn rate has surged by an impressive 1146.71% in the last twenty-four hours, burning nearly 122.10 million tokens.

At present, the total tokens burned from the initial supply stand at 410.66 trillion, while the circulating supply is currently at 580.09 trillion tokens.

The observed token burning aligns with recent initiatives by the Shiba Inu crypto community to boost SHIB tokenomics. Despite the substantial burning of trillions of tokens, the price surge in the SHIB token appears to be relatively modest.

Analyzing the Price Trends of SHIB Token

At the time of writing, the Shiba Inu price experienced a 2.48% decline, settling at $0.0000083 for the day. Despite this dip, the trading volume substantially increased by 61.05%, reaching $282.40 million. Over the week, the token displayed a 7.38% upward trend, with the SHIB price predominantly fluctuating within the $0.083 to $0.085 range.

In recent developments related to the SHIB token, fintech firm Robinhood has announced its intention to broaden its services to Europe and the United Kingdom. As part of this expansion, a new wallet will be introduced, accommodating various assets, including Shiba Inu and Dogecoin.