Shiba Inu Burn Rate Surges 217% Without Boosting SHIB Price

SHIB Burn Rate Surge

The Shiba Inu burn rate increased by 217% in the last 24 hours, with 4,971,698 SHIB tokens removed from circulation.
Total burned SHIB now stands at 410,753,835,277,822, leaving 585,267,763,742,129 tokens still in circulation.
Despite the significant token burn, the SHIB price has not risen, remaining at $0.000008783, a 1.75% decrease within the last 24 hours.
SHIB's trading volume increased by 40.8%, reaching $233 million over the same period.

Market Impact

Market sentiment fluctuations and Bitcoin's performance have affected altcoins like SHIB.
The expectation of a price increase due to reduced supply has not yet materialized for SHIB.