- 40,539,008 SHIB tokens were burned in 24 hours, marking an 8007.8% increase.
- The 7-day burn rate saw a decline of 63.85%, indicating a shift in community activity.
Shiba Inu (SHIB) continues to pique the interest of cryptocurrency enthusiasts due to its ongoing market dynamics. As of the most recent update, SHIB is trading at $0.00001373, up 2.03% over the last 24 hours.
This bullish trend has resulted in a market cap of $8.09 billion, representing a 2.04% increase over the same period. These data show that investor sentiment and market conditions are both driving a steady interest in SHIB.
In addition to price performance, the SHIB ecosystem is experiencing a surge in token burns, a crucial indicator that the community closely monitors.
SHIB Token Burn Surges in 24 Hours; Weekly Burn Rate Shows Significant DeclineÂ
According to Shibburn, in the last 24 hours, 40,539,008 SHIB tokens have been burned, marking an amazing 8007.8% rise. This increase in the burn rate suggests a greater effort among the community to reduce the overall supply of SHIB, potentially raising the token’s value over time.
However, when the data is examined over a longer period of time, the scenario becomes more complex. Over the past seven days, 149,131,658 SHIB tokens have been burned, a 63.85% drop from the prior week.
HOURLY SHIB UPDATE$SHIB Price: $0.00001347 (1hr 0.70% â–² | 24hr -4.94% â–¼ )
Market Cap: $7,936,408,267 (-5.00% â–¼)
Total Supply: 589,272,048,888,964TOKENS BURNT
Past 24Hrs: 40,539,008 (8007.8% â–²)
Past 7 Days: 149,131,658 (-63.85% â–¼)— Shibburn (@shibburn) August 12, 2024
CNF earlier reported another remarkable increase in the SHIB burn rate. Yesterday, the token burn rate increased by a staggering 38,199,412%, reigniting rumors about its ability to reach $0.001.
Additionally, cryptocurrency analyst Javon Marks has identified a “Hidden Bullish Divergence” in SHIB’s Relative Strength Index (RSI), indicating a potential recovery.
Meanwhile, we previously revealed that the automatic SHIB burn mechanism, created using Bor software v1.1.2-bone, converts and burns 70% of Shibarium’s transaction fees.
Since the introduction of the auto-burn feature, the SHIB burn rate has increased substantially, with over 410.72 trillion SHIB tokens burned so far and more than 100 million burned this year.
