This suggests that the market is in a very bearish trend. In addition, SHIB's market capitalization has decreased by 12% to $12.7 billion, with $1.9 million worth of trading activity every day.
According to Shibburn, Shiba Inu's token burn rate has increased dramatically during the last day, leaping by an astounding 25,035.22%.
The community's strong dedication to lowering the token's supply and strengthening its deflationary condition amid a general market decline is reflected in this growth.
Shiba Inu is aggressively bucking the trend by burning more tokens than it is burning, even in the face of considerable price declines in the larger cryptocurrency market.
Eleven trades in a single day burned 658,082,956 SHIB, bringing the total supply down from its starting one quadrillion tokens to 410,725,555,674,170.
These tokens were worth about $14,385 at the time they were burned. There is still uncertainty in the market value of SHIB because of the continued strategic reduction in its supply.
According to CoinMarketCap data, SHIB is currently trading at $0.00002347. This represents a minor increase of 2.69% over the last day but a significant decrease of 16.96% over the last week.
This suggests that the market is in a very bearish trend. In addition, SHIB's market capitalization has decreased by 12% to $12.7 billion, with $1.9 million worth of trading activity every day.
These numbers highlight how susceptible the meme token is to the erratic and difficult market circumstances.
The value of SHIB has not recovered despite the massive token burning; it is currently trading between $0.000022 and $0.000025 and is up against 51 trillion SHIB in resistance.
Investors and market analysts are keeping a careful eye on these developments, speculating that the token's value would improve due to the sharp rise in burn rate.
Though considerable work remains to stabilize and potentially increase SHIB's market value, the community is still optimistic that these deflationary actions will eventually spark a favorable response from the market.
It is believed that this big burn event—one of the biggest in recent weeks—is an essential step toward making the token more scarce and appealing to investors.
However, given the current state of the market and investor uncertainty in the larger cryptocurrency environment, the long-term viability of this strategy is still unknown.
April 2024, Cryptoniteuae