Shiba Inu Token Reports 2200% Increase in Burn Rate Amid Market Movement

TLDR

• SHIB burn rate increased by 2200% in a single day, with 14.58 million coins destroyed
• Total supply reduced to 589.26 trillion tokens after recent burns
• 50.06 million coins were burned in the past week
• Monthly burn total reached 192.78 trillion tokens
• Price currently at $0.00002386, showing 30% monthly gains despite 2% daily dip

The Shiba Inu (SHIB) ecosystem witnessed a dramatic increase in its token burn rate, jumping 2200% in a single day according to data released by Shibburn, the official tracking platform. The surge resulted in the destruction of 14.58 million SHIB tokens, marking one of the largest single-day burns in recent history.

The token burning process, which permanently removes SHIB from circulation by sending them to a null address, has become a central focus for the community. These burned tokens can never be recovered or used again, effectively reducing the total supply permanently.

Current market data shows SHIB trading at $0.00002386, representing a small 2% decrease in daily trading. Despite this minor setback, the token has maintained strong monthly performance, posting gains of 30% over the past 30 days.

HOURLY SHIB UPDATE$SHIB Price: $0.00002407 (1hr 0.16% ▲ | 24hr -2.18% ▼ )
Market Cap: $14,183,884,412 (-2.17% ▼)
Total Supply: 589,262,168,200,353

TOKENS BURNT
Past 24Hrs: 11,587,134 (209.05% ▲)
Past 7 Days: 50,321,083 (-91.99% ▼)

— Shibburn (@shibburn) November 21, 2024

The latest burn event has reduced the total supply to 589.26 trillion tokens, according to official tracking data. This reduction comes as part of a broader trend of supply destruction, with 50.06 million coins burned in the past seven days alone.

Monthly burning statistics reveal an even more striking figure, with 192.78 trillion tokens removed from circulation during the current month. This sustained burning activity represents a coordinated effort to address one of the primary criticisms of SHIB – its large supply.

The burning mechanism operates on a simple economic principle: reducing the available supply while demand remains constant or increases should, in theory, support price stability or growth. This basic market dynamic has been a key factor in the SHIB community’s focus on regular token burns.

Trading data indicates that SHIB has experienced price fluctuations between $0.00002311 and $0.00002478 over the past 24 hours. These movements align with typical crypto market volatility patterns, even as the broader market shows signs of strength.

The meme coin sector as a whole has shown remarkable activity, with competitors like PEPE and DOGE reporting gains between 90% and 169% over the past month. This broader sector performance provides important context for SHIB’s market position.

Recent on-chain data suggests continued momentum in the meme coin market segment. Trading volumes across major exchanges have remained steady, indicating sustained market interest in these assets.

The burn rate increase follows a pattern of community-driven supply reduction initiatives. These efforts have been consistent throughout the year, though the recent 2200% surge represents a notable acceleration.

Market observers note that SHIB’s supply reduction occurs against the backdrop of a generally bullish crypto market. Bitcoin’s recent performance has created positive sentiment across the cryptocurrency space, potentially benefiting alternative coins like SHIB.

Exchange data shows steady trading activity across major platforms, with consistent volume distribution between buyers and sellers. This balance suggests market stability despite the recent price movements.

The token’s technical indicators present a mixed picture, with some metrics suggesting potential price support at current levels. The 24-hour trading range demonstrates typical market dynamics for the asset class.

The latest burn event was verified through blockchain analysis, confirming the permanent removal of these tokens from circulation. This transparency allows market participants to track and verify all burning activity independently.