Shiba Inu Burn Rate Recovers After Seeing a 404% Increase in Tokens Sent to Burn Address

The month of August saw a number of days where no SHIB coins were burned, showing that there was a decline in participation.

Shiba Inu (CRYPTO: SHIB) has been seeing some difficult times, especially in the crypto market crash that saw the meme coin’s price decline substantially from its 2024 highs.

Despite this, community members have not been deterred from their mission of trying to reduce the meme coin’s supply through burning.

Now, it seems that their efforts are beginning to ramp up once more.

Shiba Inu Burn Rate Skyrockets

Over the last day, there has been a notable jump in the total Shiba Inu burn rate.

According to the official SHIB burn tracking website, there was a 404% increase in the total burned tokens in the last day.

This comes as over 14.2 billion SHIB tokens were burned, and the total burn stood at 14,237,833,333 SHIB tokens.

Shibburn’s data shows a 404.31% increase in the burn rate.

The SHIB burn took place across seven transactions, and the largest single burn saw 7,286,222,944 Shiba Inu tokens being sent to the burn address.

The burn over the last day has brought the seven-day burned tokens to 312,639,833 SHIB tokens.

This also marks an 80.72% increase from last week’s figures, showing that momentum is up this week.

A continuation of this momentum could see a sharp increase in the burn rate from here.

SHIB Price Still Struggling

The increase in the Shiba Inu burn rate has not translated to the price, as SHIB continues to nurse losses this week.

According to data from CoinMarketCap, the Shiba Inu price dropped by 6.18% in the last week alone.

There has also been a 1.01% decline in the last day as of the time of this writing.

The decline in the SHIB price has been accompanied by struggling volumes.

24-hour data shows an 18.34% decline to bring SHIB’s daily trading volume to $134,000,000.

This marks a massive change from earlier in the year, when daily trading volumes were crossing $500 million.

However, all hope is not lost for the Shiba Inu price, given that the meme coin is simply responding to the negative market headwinds.

Simply put, the meme coin’s price is down because Bitcoin (CRYPTO: BTC) is struggling.

This means that when the Bitcoin price does begin to recover, then a recovery is likely for the Shiba Inu price as well.

At the time of this writing, the SHIB price is trending at $0.000013, which puts it 85.1% below its all-time high price of $0.000088.

Despite this, it still manages to maintain a year-to-date gain of 72% thanks to its rally in February and March of 2024.

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