The Shiba Inu (SHIB) community has witnessed a significant surge in the burn rate of SHIB, reaching an impressive 262.32% increase over the last 24 hours. According to Shibburn, a Shiba Inu burn tracking service, a staggering 50,727,264 tokens were burned during this period, reflecting the community’s ongoing commitment to reducing the overall supply of Shiba Inu tokens.
Over the course of the past week, SHIB holders have collectively burned 193,690,722 tokens. Despite this substantial figure, the weekly burn rate shows a 97.94% decrease compared to the previous week. The Shiba Inu community appears to be actively engaging in token burning activities, contributing to the overall deflationary nature of the cryptocurrency.
Lucie, the official marketing expert of the Shiba Inu team, recently took to X (formerly Twitter) to shed light on the role of WoofSwap, a decentralized exchange (DEX) built on the Shibarium network. Lucie emphasized that WoofSwap, operating on the layer-2 (L2) blockchain network built on Ethereum for Shiba Inu, has played a crucial role in supporting Shiba Inu’s key projects. However, specific details about the timing and extent of WoofSwap’s contribution to SHIB burns were not disclosed.
Shiba Inu Price Consolidates
Despite the increased burn rate and the supportive role of platforms like WoofSwap, the price of SHIB continues to face challenges in gaining momentum. At the time of reporting, the price of SHIB stands at $0.00000912, reflecting a 3.76% decrease in the last 24 hours and a 13.95% decline over the past 30 days. The 24-hour trading volume for SHIB has also experienced a decline of 11.18%, currently standing at $126.46 million.
However, the surge in Shiba Inu burn rate holds significant implications for the cryptocurrency’s long-term price dynamics and Shiba Inu price prediction. Increasing the burn rate is a positive indicator for SHIB’s value over the long term as it contributes to a reduction in the total supply of tokens. With a diminishing supply, the scarcity of SHIB tokens is expected to create upward pressure on the price.
The deflationary nature resulting from consistent token burning aligns with economic principles, where limited supply coupled with demand tends to drive asset appreciation. This sustained commitment from the SHIB community to burn tokens reflects a dedication to establishing a more robust and resilient ecosystem, potentially fostering investor confidence in the token’s future growth and stability.
As the burn rate continues to climb, it sets the stage for a supply-constrained environment that may play a pivotal role in supporting SHIB’s value proposition in the cryptocurrency market. The cryptocurrency market remains dynamic, with Shiba Inu enthusiasts closely monitoring the burn rate, community engagement, and external partnerships in hopes of influencing the token’s market performance in the coming days. The cryptocurrency landscape awaits further developments that may impact Shiba Inu’s overall market dynamics.
