- Shiba Inu (SHIB) experienced a burn rate increase of 1677.45%, with over 131 million tokens burned in the last 24 hours, including a significant transaction that removed over 123 million SHIB tokens from circulation.
- Despite the increased token burn, SHIB’s price has seen a decline of 3.2% over the past 24 hours, although it remains up by over 11% in the 14-day period and over 25% in the last month.
- The broader crypto market is experiencing a downturn, with Bitcoin (BTC) down 1%, Ethereum (ETH) down 0.7%, Solana (SOL) plunging over 4%, and Avalanche (AVAX) dropping by more than 6% within the same 24-hour period.
The Shiba Inu token, known for its loyal community and meme coin status, has seen a dramatic increase in its burn rate. But the question on everyone’s mind is whether this will light a fire under SHIB’s market value. Let’s dive into what’s been happening with SHIB and what it might mean for its future as we approach 2024.
SHIB Burn Rate Skyrockets
- Shiba Inu’s burn rate soared by 1677.45% recently.
- Over 131 million SHIB tokens were incinerated in just 24 hours.
- A significant transaction eliminated more than 123 million SHIB tokens from the supply.
Current SHIB Price Trends
- Despite the burn rate surge, SHIB’s price dipped by 3.2% in the last day.
- The token has seen an 11% increase over two weeks and a 25% rise over the past month.
General Crypto Market Correction
- Bitcoin (BTC) fell by 1%, Ethereum (ETH) by 0.7% in the daily charts.
- Other cryptocurrencies such as Solana (SOL) and Avalanche (AVAX) also experienced downturns.
Shiba Inu’s Momentum into 2024
- SHIB’s price has had a tough year, with a modest 28% rally since January.
- Competitors like Dogecoin (DOGE) had similar mild rallies.
- Other altcoins, however, such as Solana (SOL), have seen significant gains.
Factors That Could Propel SHIB
- The potential for a broader crypto market bull run next year could benefit SHIB.
- New initiatives within the SHIB ecosystem aim to increase burns and adoption.
- Launch of SHIB’s layer-2 network could lead to more applications and utility.
The recent burn rate explosion for Shiba Inu is a startling development, but it’s still uncertain how this will affect the token’s value in the long term. With the broader market experiencing a correction and memecoins like SHIB and DOGE not making significant strides, all eyes are on the potential for a bull market in the coming year. The SHIB community is hopeful that new developments and initiatives will provide the much-needed boost to send the token’s price to the moon.
