Shiba Inu Community Ramps Up Burning Efforts Despite Market Crash
In the midst of a crypto market crash that has seen many altcoins plummet in value, the Shiba Inu community is not backing down. Despite the significant decline in Shiba Inu’s price from its 2024 highs, community members are doubling down on their mission to reduce the meme coin’s supply through burning.
Recent data from the official SHIB burn tracking website has revealed a remarkable 404% increase in burned tokens over the last day. This surge in burning activity comes after a period of stagnation in August, where there were several days with no SHIB coins burned.
The latest burn saw over 14.2 million tokens sent to the burn address across seven transactions, with the largest single burn totaling 7.286 million Shiba Inu tokens. This spike in burning has pushed the seven-day burned tokens above 312.6 million, marking an 80.72% increase from the previous week.
Despite the community’s efforts to reduce the supply of Shiba Inu, the coin’s price continues to struggle. Data from CoinMarketCap shows a 6.18% drop in price over the last week, with a further 1.01% decline in the last day. Daily trading volumes have also seen a significant decline, falling by 18.34% to $134 million.
However, there is still hope for a price recovery, as the decline in SHIB’s price is largely attributed to negative market conditions affecting Bitcoin. When Bitcoin begins to recover, it is likely that Shiba Inu’s price will follow suit.
At the time of writing, the SHIB price is hovering around $0.000013, a significant drop from its all-time high of $0.000088. Despite this, the coin maintains a year-to-date gain of 72%, thanks to its rally earlier in the year.
The Shiba Inu community’s dedication to burning tokens in the face of market challenges demonstrates their commitment to the long-term success of the meme coin. As they continue to ramp up burning efforts, all eyes will be on whether this momentum can translate into a price recovery in the near future.
