The week ended with a significant quantity of tokens burnt in the Shiba Inu ecosystem. According to SHIB burn tracker Shibburn, the incineration of 175 million tokens came following a jump of 281% in the weekly burn rate.
Shiba Inu Total Supply Level Shrinks
Notably, the price of SHIB is currently at $0.00002249 with a 3.88% dip within the last 24 hours.
Some market observers believe that the mild burn rate may have prevented the dog-themed memecoin from plunging farther due to revamped sentiment. A total of 42.76 million tokens were burnt in the past 24 hours, underscoring the fact that Shiba Inu may be leveraging the drop in its overall supply.
Similarly, the recorded weekly burn rate demonstrates a 71.55% upswing in SHIB burn. So far, the total SHIB token burnt has amounted to 410.72 trillion from the total circulating supply of 582.94 trillion and the maximum supply of 999.98 trillion SHIB.
HOURLY SHIB UPDATE$SHIB Price: $0.00002254 (1hr 0.11% ▲ | 24hr -3.91% ▼ )
Market Cap: $13,285,552,188 (-3.72% ▼)
Total Supply: 589,273,678,791,906
TOKENS BURNT
Past 24Hrs: 42,769,551 (71.55% ▲)
Past 7 Days: 174,936,408 (281.27% ▲)
— Shibburn (@shibburn) May 11, 2024
On May 10, Shiba Inu registered a massive burn rate of 5803.56%, marking the largest daily surge this month.
SHIB Price Fail to Reflect Burn Rate
For a cryptocurrency that had hit a low of $0.000008 this year, the present price of Shiba Inu is a tangible growth.
With the frequent burn and the significant drop in the supply of the memecoin, one would have expected a more outstanding surge. However, this anticipated parabolic uptrend is not reflected in the SHIB price.
Much of the token’s rise in price can instead be attributed to the memecoin craze that the ecosystem saw in March. Other memecoins including Dogwifhat (WIF), a token supported on the Solana blockchain, equally recorded tangible price surges during this season.
Crypto enthusiasts remain optimistic that the burn will contribute to a jump in the price of the memecoin in the long run. Their expectations hinges on the possibilities of SHIB trading as high as $0.01. However, the token may need other catalysts besides the burn rate to attain such a level.