Shiba Inu, a meme coin, reported a huge increase in its weekly burn rate. However, the token’s current price behavior is in stark contrast.
On Saturday, the meme coin Shiba Inu, a well-known cryptocurrency that operates on the Ethereum blockchain, generated a tidal wave of speculative activity throughout the broader crypto market due to a substantial increase in its burn rate over the past week.
The weekly burn rate of the meme coin increased by 160%, with a staggering 102.40 million SHIB obliterated in the last week, according to data disclosed by burn tracker Shibburn.
In the meantime, the token’s burn rate increased by 36.96%, as shown on the chart for today.
The destruction of an astounding 1.53 million SHIB in the last 24 hours has garnered considerable international attention.
The burning chronicle represents the Shiba Inu community’s attempt to boost the market performance of the token.
Meanwhile, Shiba Inus’s weekly chart exhibited a similar upward trend, with a 4.14% surge, according to data from CoinmarketCap.
Today, however, the token traded in the red, fueling further speculation among crypto market enthusiasts regarding its future performance.
SHIB Burn Boosts Optimism
As of the present moment, the Shiba Inu community has reportedly burned through an astounding 410.70 trillion SHIB of the token’s initial supply.
This endeavor to increase SHIB tokenomics appears to be gaining momentum exponentially, which is positively affecting the token’s market dynamics.
Significantly, the present circulating supply has decreased considerably since the meme coin’s inception, to 581.41 trillion.
This contributes to the development of optimistic sentiment regarding the token.
During this time, the primary marketing member for Shiba Inu highlighted the integration of Shiboshi utility into Shibarium in a recent post on X, which enabled SHIB burn and seamless transactions.
The anticipated outcome of this integration is a continued transformation of the burning process for Shiba Inus, which will generate positive market sentiment towards the token as its cryptographic endeavor progresses.
Nevertheless, the token seems to be reflecting a pessimistic trend in the current market.
Shiba Inu Price Falls
The Shiba Inu is currently trading at $0.00000967, reflecting a decrease of 3.03% in value over the past 24 hours as of this writing.
In addition to contradicting the community’s recent developments, this decline contrasts with the burning rate increase observed over the last week and today.
As open interest and volume for the meme coin fell by 3.46% and 28.06%, respectively, the decline in derivatives data further indicated a downtrend for the token.
