Shiba Inu has seen a remarkable 243% surge in its daily burn rate, yet this surge has not translated into significant price movement for SHIB. Over the past two days, SHIB’s price has remained largely unchanged, oscillating within a narrow range between $0.0000166 and $0.0000172.
In the last 24 hours, 20,198,590 SHIB tokens were burned, marking a substantial 243.67% increase in the burn rate. Despite this uptick, market conditions have kept SHIB’s price relatively stagnant. Factors such as overall market sentiment and broader cryptocurrency trends likely overshadow the impact of increased token burning on SHIB’s price dynamics.
The cryptocurrency market, led by Bitcoin, has recently shown subdued activity, with Bitcoin’s trading volume dropping to a yearly low of 16%. This lackluster performance appears to have spilled over to Shiba Inu, influencing its price stability despite notable developments like increased token burning.
Lucie, a member of the Shiba Inu team, reaffirmed the project’s ongoing commitment to tokens such as SHIB, BONE, LEASH, and SHEB amidst the current market conditions. Despite the current price situation, the team remains focused on the long-term growth and development of these tokens, highlighting a broader vision beyond immediate market fluctuations.
As the Shiba Inu community continues to support and monitor these tokens closely, the market awaits further developments to gauge their future trajectory. As of the latest update, SHIB’s price showed a minor decline of 0.27% over the past 24 hours, settling at $0.00001699.
