In a stunning turn of events, the burn rate of Shiba Inu (SHIB) has surged by an astonishing 2,072.59% within the last 24 hours, resulting in the obliteration of 53.5 million tokens from the circulating supply. This spike in burn activity comes amid a broader initiative by the Shiba Inu development team to implement automated SHIB burns, which was first announced in a blog post released at the beginning of December.
As previously reported by U.Today, the potential destruction of 9.25 trillion Shiba Inu tokens looms large on the horizon for January. This move is part of a strategic effort to manage the token's supply and introduce greater scarcity, potentially influencing its market dynamics.
The recent surge in burn rate and the strategic move toward automated burns highlight Shiba Inu's commitment to enhancing the token's utility and addressing concerns related to inflation. As the cryptocurrency market evolves, Shiba Inu's strategic initiatives position the token to adapt to changing dynamics and solidify its role within the broader blockchain ecosystem.
Shiba Inu market sentiment
Despite the significant burn rate, the current price of SHIB stands at $0.000009553, exhibiting a modest 0.22% increase over the last 24 hours. However, the token has experienced a notable 9.34% decline in the past seven days. While short-term market trends may appear volatile, on-chain data from Santiment paints a more nuanced picture.
Santiment's data reveals a consistent decrease in the supply of SHIB on exchanges throughout the past month. This trend suggests a growing inclination among investors to accumulate and hold SHIB rather than actively trade it. Moreover, the mean coin age for SHIB experienced a reversal in its previous downtrend in December, indicating that long-term holders may be seizing opportunities to buy SHIB during market dips.
As the Shiba Inu community eagerly anticipates the unfolding developments, the market remains on alert for further shifts in SHIB's supply dynamics and their potential impact on price movements. Investors and enthusiasts alike are closely watching as Shiba Inu continues to navigate the evolving landscape of the cryptocurrency market.