The dog-themed memecoin, Shiba Inu has witnessed an astonishing spike in its burn rate as it surged by a whopping 8,596% within the last 24 hours. Data available from Shibburn shows that a total of 17,716,738 SHIB was wiped out from circulation.
Understanding the Shiba Inu Burn Mechanism
This notable spike in the SHIB burn rate is unsettling for some in the Shiba Inu community given the bearish performance it had in June. Despite a series of burns carried out to stem the steady decline in the market price of SHIB, it did little to stabilize the memecoin.
At the time of writing, data from CoinMarketCap revealed troubling indices for Shiba Inu as prices continued to plummet. The current price stands at $0.00001647 down by a 4.95% drop in the last 24 hours.
Burn rate is Shiba Inu’s internal mechanism of regulating supply with hopes that it stirs massive deflation and causes price rebound. However, market watchers believe that given its poor performance in June, starting July with over 17 million SHIB set ablaze signals that the memecoin might be making moves for a rebound.
HOURLY SHIB UPDATE$SHIB Price: $0.00001679 (1hr -0.16% ▼ | 24hr -2.06% ▼ )
Market Cap: $9,909,410,587 (-2.03% ▼)
Total Supply: 589,272,580,530,675
TOKENS BURNT
Past 24Hrs: 17,716,738 (8596.57% ▲)
Past 7 Days: 355,396,658 (262.41% ▲)
— Shibburn (@shibburn) July 3, 2024
As it stands, the 8,596% burn rate is setting a record high to beat for July. Although the broader digital currency ecosystem is generally bearish, this offers little or no solace to members of the Shiba Inu community.
Will Bearish Sentiments Linger into July?
The SHIB Army, having endured the historical month of June known for its bearish patterns for three years in a row, was optimistic of better Shiba Inu performance in July. However, as it stands, investors will have to exercise more patience and hope the internal control mechanism of token burn turns the price around.
As per figures, the total supply currently stands at 589,272,580,530,675 while the circulating supply is 583,337,446,161,311 SHIB. The coming days will reveal if the massive burn rate will have an impact on price performance.
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