According to reported information, the burn rate of Shiba Inu (SHIB) increased by 2,072.59% in the last 24 hours, leading to the disappearance of 53.5 million tokens from the circulating supply. The increase in these burns comes as the Shiba Inu team attempts to implement automatic SHIB burns, which they first announced in a blog post at the beginning of December.
According to U.today, they state that they see the potential destruction of 9.25 trillion Shiba Inu tokens as a big possibility for January. This move emerged as a strategic effort to manage the token’s supply and create further token losses that would potentially impact market dynamics.
The recent change in burn rate and the team’s strategic move towards automatic burns underscores Shiba Inu’s determination to increase the token’s redemption rate and address concerns about inflation. As the cryptocurrency market continues to grow, Shiba Inu’s strategic initiatives position the token to adapt to changing dynamics and solidify its role within the broader blockchain ecosystem.
Shiba Inu Market Status
Despite the significant burn rate, SHIB’s current price is $0.000009553, up only 0.22% in the last 24 hours. However, the token has shown a notable decline of 9.34% in the last seven days. While short-term market trends appear volatile, on-chain data from Santiment paints a more complex picture.
Santiment’s data shows a steady decline in SHIB supply on exchanges over the past month. This trend shows that investors tend to collect and hold SHIB as investments rather than actively buying and selling. Additionally, for SHIB, it is alleged that there was a reversal in the previous downward trend in December, with long-term holders collecting SHIB coins at a low price during market declines.
While Shiba Inu investors eagerly await new developments, the market is keeping a keen eye on further changes in SHIB’s supply dynamics and the possible impact of these changes on price movements. Investors and close watchers are keeping a close eye on the Shiba Inu as he continues to navigate the evolving landscape of the cryptocurrency market.