Shiba Inu, the second-largest meme cryptocurrency, has experienced an upward movement in its token price, accompanied by a significant rise in its burn rate. In the past 24 hours, Shibburn.com has reported a 21.76% increase in the number of SHIB tokens burned. While this escalation in burn activity suggests potential positive impacts on the meme coin’s future value, actual burn figures continue to underscore the formidable challenge in making substantial progress.
Despite the recent uptick, Shiba Inu has grappled with tepid burn activities over the last fortnight. Contributing factors include a sluggish price performance and waning investor interest.
On average, daily SHIB burns have hovered around 21 million tokens—insufficient for fostering a robust bullish trend. As documented by Shibburn.com, the latest 24-hour cycle recorded a total of 26,221,803 $SHIB tokens directed to the burn wallets. This figure marks a substantial 21.76% improvement over the preceding day’s statistics.
Still, even with the marked increase, the overall burn volume remains discouraging when set against Shiba Inu’s vast circulating supply, which exceeds 589 trillion tokens.
At this burn rate, it could take many decades to meaningfully diminish the token supply, according to estimations. This reality underscores the critical need for a persistent and amplified approach to burning if the objective of constricting supply and promoting sustainable price growth is to be accomplished.
Notably, Shiba Inu’s lead developer, Shytoshi Kusama, mentioned the tantalizing possibility of reducing the SHIB supply by as much as 99%.
An uptick in the broader cryptocurrency market has brought a fleeting reprieve for Shiba Inu’s price. Benefiting from a general market rally that saw prices increase by 3.48%, Shiba Inu is now trading at $0.00002222, marking a roughly 3% increase in the last 24 hours.
Technical assessments of Shiba Inu’s price trends suggest a potential breakout from its current falling wedge formation. If this breakout is confirmed alongside sustained market growth, Shiba Inu’s price could witness substantial upward momentum in the coming weeks.