Shiba Inu, the second largest meme coin, has seen a price increase and its token burn mechanism has also passed on a similar trend. According to Shiba Inu Burn tracker Shibburn.com, The number of SHIB tokens burned has increased by approximately 21.76% in the last 24 hours. This increase in SHIB burns looks positive for the future price of the meme coin, but actual burn numbers show that making significant progress is an ongoing challenge.
Shiba Inu burn rate increases by 21%
Shiba Inu has experienced lackluster burn activity over the past two weeks, reflecting similarly lackluster price action, activity, and interest in the cryptocurrency. Thus, around 21 million SHIB tokens were burned in daily SHIB burns. which is far less than the typical daily combustion activity required for bullish momentum.
According to Shibburn.com, a total of 26,221,803 $SHIB tokens were sent to SHIB burn wallets in the last 24 hours, a 21.76% increase over the 21 million SHIB tokens sent in the previous 24 hours – period were burned.
Despite the 21.76% increase in burn activity, the total number of tokens burned remains disappointing. While this amount represents an improvement over previous weeks, it pales in comparison to the huge circulating supply of Shiba Inu, which currently stands at more than 589 trillion tokens. To put this into perspective, even at this improved burn rate, it would take decades for the supply of tokens to drop significantly.
SHIB burns are particularly affected one of the many methods which the Shiba Inu community has introduced to help ensure consistent price growth. The more SHIB tokens are burned and withdrawn from circulation, the better it is for the price of Shiba Inu. Interestingly, Shiba Inu’s lead developer is Shytoshi Kusama I noticed that once It would be possible to burn 99% of the SHIB supply.
The current pace highlights the need for a more consistent approach to token burning if the goal of reducing supply and driving long-term price appreciation is to be achieved. However, the recent 21.76% increase could be the first step for many future burning increases.
Price recovery brings relief for SHIB
The recovery of the broader crypto market has temporarily pushed up the price of Shiba Inu. Shiba Inu managed to capitalize on the market-wide 3.48% rise and is currently trading at $0.00002222, up about 3% in the last 24 hours.
Shiba Inu price technical analysis The action shows it is aiming for a break above the upper trendline of a falling wedge pattern. A confirmed breakout of the falling wedge along with market-wide inflows would push the Shiba Inu price higher over the next few weeks.
Featured image created with Dall.E, chart from Tradingview.com