- Shiba Inu sees a 13,120% burn rate increase.
- 9.7 million SHIB tokens burned recently.
- Minimal immediate price and market cap impact noted.
A remarkable 9.7 million Shiba Inu tokens have been burned, causing the burn rate to surge by 13,120%, as reported by Shibburn, a decentralized analytics platform.
Despite the massive burn rate increase, SHIB’s market price dropped slightly, reflecting the ongoing challenge for deflationary mechanisms to influence immediate market valuations significantly.
Recent data shows a 13,120% increase in Shiba Inu’s token burn rate. 9.7 million SHIB tokens were burned, adding to the ongoing effort to reduce supply. This move aims at long-term scarcity without direct leadership involvement.
Shibburn, an independent platform, reported these figures without comments from Shiba Inu’s anonymous team. Token burning attempts to drive value by reducing circulating supply, yet the immediate financial impact remains subtle.
Despite the burn event, the SHIB market price only saw a 0.12% dip. This highlights the limited immediate effect burns have on the broader market or price trend, despite significant percentage increases in burning activities.
The burn serves as a deflationary mechanism important in cryptocurrency tokenomics. It aims to make SHIB more valuable over time. However, with a current $7.05 billion market cap, changes are typically gradual due to the massive total supply.
The event’s muted impact aligns with historical trends where burn rate spikes generate limited price increases. SHIB’s market performance continues to follow familiar patterns seen with similar meme coins, as noted by Shibburn’s data.
Shibburn’s analytics point out that large burn events often fail to create long-term value spikes but can generate short-term community buzz. These events attract interest yet rarely influence sustained upward shifts in value or price.
| Disclaimer: The content on The CCPress is provided for informational purposes only and should not be considered financial or investment advice. Cryptocurrency investments carry inherent risks. Please consult a qualified financial advisor before making any investment decisions. |
