- Over 300 million SHIB tokens were burned in the past week, marking a 1,000% increase in the burn rate.
- The burn rate has increased by over 6,000% in the last 24 hours.
As a seasoned analyst with over two decades of experience in the cryptocurrency market, I find the recent surge in Shiba Inu [SHIB] burns intriguing. While it is impressive to see over 300 million tokens burned in a week, with an increase of over 6,700% in the last 24 hours, it’s important to note that these burns have not significantly impacted the price or address activity.
Previously, there was a significant increase in the burning of Shiba Inu [SHIB] tokens, with over 300 million being incinerated. In the recent 24-hour period, this burn rate has also risen substantially, even as the value of Shiba Inu continues to drop.
SHIB burns spike with over 300 million tokens
Approximately 324 million Shiba Inu tokens have been destroyed within the last week, as per recent figures. This represents a significant rise of more than 1000% from the amount burned in the preceding week, according to the data available.
The burning activity has remained strong, with a 6,700% surge in the past 24 hours alone. During this period, an additional 27 million SHIB tokens were burned, pushing the total number of burned tokens to approximately 410.7 trillion. Despite the substantial burns, this figure remains small compared to Shiba Inu’s total supply.
Address activity remains steady despite SHIB burns
As the rate of Shiba Inu tokens being burned rises, it appears that there hasn’t been a substantial rise in the number of active Shiba Inu wallets. According to Santiment’s data, the number of daily active addresses has remained relatively stable, usually around 20,000 over the past week.
On the 21st of October, we saw an uptick exceeding 21,000 locations, yet it soon settled back down to its usual ranges.
In a similar fashion, the number of daily active addresses has been relatively stable, fluctuating between 3,700 and 3,800 over the past few days. Just like the weekly data, there was a slight uptick on October 21st, pushing it above 3,900.
However, this modest change did not correspond with the surge in SHIB Burns.
The constant token burning suggests that an influx of active network users isn’t the primary factor behind this increase. Furthermore, it implies that the recent token burns may not be directly associated with any surge in transactions or on-chain activities.
Shiba Inu continues to trend downward
Over the last few days, the price of Shiba Inu has persistently decreased, even though there’s been an increase in SHIB burns.
Initially, the price decrease began by dropping 3%, and it has since dropped an additional 1.7%. At present, there seems to be no immediate or beneficial relationship between the rise in SHIB burns and the market value of SHIB.
Despite the Relative Strength Index (RSI) indicating that Shiba Inu’s trend remains bullish, the declining RSI indicates that the momentum behind this trend is starting to wane.
Currently, the RSI hovers near the neutral line, reflecting market uncertainty.
Even as SHIB tokens being burned help lower the total number of coins in circulation, it appears that this has not yet noticeably impacted the price or trading volume. The persistent drop in Shiba Inu’s price seems to indicate that other elements are currently shaping investor attitudes within the market.
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2024-10-24 05:11