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Shiba Inu (SHIB), the dog-themed meme coin, has triggered its deflationary mechanism in the past 24 hours. SHIB recorded mild incineration in a notable move just before 2024 exited the stage. The project saw over 1.7 million SHIB tokens taken out of circulation.
Burn mechanism’s impact on SHIB price stability
Data from Shibburn, an online platform that tracks burn activity on the Shiba Inu network, reveal that the burn rate soared by 243.34% in the last 24 hours. Specifically, 1,717,872 SHIB tokens were sent to dead wallets.
Gamza KhanzadaevShiba Inu, renowned for its daily burn activity, uses this mechanism to control the circulating supply of its tokens. This deflationary measure helps keep prices stable and slow the decline in price value. Hence, the 243.34% spike in the burn rate is significant, as it helps to achieve these goals.
Surprisingly, on average, SHIB is still down by 2.76% and trading for $0.00002109, according to data from CoinMarketCap. Meanwhile, market volume has soared by a significant 31.11% to $538.36 million as market participants engage in the last trading frenzy on the last day of the year.
However, a closer analysis of SHIB’s price movement shows the meme coin was in freefall and had plunged to a low of $0.00002054. It is likely that the burn mechanism helped stabilize it and supported its rebound to current levels.
Can SHIB rediscover new price in 2025?
In the past 30 days, SHIB has struggled with volatility to reclaim its $0.00003016 price. Despite the bullish cycle, Shiba Inu’s performance in December fell below investors’ anticipation in the broader cryptocurrency space.
Arman ShirinyanAnalysts suggest that for SHIB to retest higher prices in 2025, the community has to engage more and developers roll out new projects to boost participation.
As reported by U.Today, Shytoshi Kusama, the mysterious Shiba Inu lead, has pledged an exciting 2025, with bullish plans for the ecosystem. According to Kusama, 2025 will be epic.
Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
Alex Dovbnya
Vladislav Sopov
Dan Burgin