Meme Coin Mania Continues, but Shiba Inu (SHIB) Burn Tapers Off: What's the Deal?

This week, the burn rate of the Shiba Inu (SHIB) meme coin experienced a modest increase. The cryptocurrency community, along with SHIB enthusiasts, has been closely monitoring the weekly statistics of Shiba Inu token burns.

The number of Shiba Inu tokens burned in the last week increased by 15.18% to 307 million, according to the latest Shibburn data. The cause is the higher demand brought on by the spike in SHIB prices during the current meme coin rally, even though the gain is not as noteworthy.

HOURLY SHIB UPDATE$SHIB Price: $0.00000781 (1hr -0.12% ▼ | 24hr -0.80% ▼ )
Market Cap: $4,600,166,774 (-0.98% ▼)
Total Supply: 589,338,433,682,605

TOKENS BURNT
Past 24Hrs: 4,578,212 (-91.89% ▼)
Past 7 Days: 307,659,231 (15.18% ▲)
— Shibburn (@shibburn) October 28, 2023

SHIB burn rate, meanwhile, had a steep decline over the previous day. Shiba Inu has burned 4,578,212 tokens in the last 24 hours, a 91.89% decrease in burn, yet the week ahead appears bright for Shiba Inu.

According to the recent SHIB burn trend, almost 307 million tokens were burned during the last seven days, which is expected to be good news for Shiba Inu. The community expects increased SHIB burns in the coming weeks as new initiatives and partnerships drive token transactions.

SHIB Token’s Weekly Performance: A Crucial Insight for Traders

The immediate 24-hour impact is expected to exert little to no influence on the burn rate. However, the weekly statistics depicting the Shiba Inu token’s value increase are considered pivotal by traders and dedicated SHIB enthusiasts. These insights drive their anticipation and investment strategies, fostering a keen interest in SHIB’s performance.

The SHIB community had high hopes for a substantial Shiba Inu price rally amidst this week’s surge in meme coins. Both Pepe Coin and FLOKI experienced an impressive 30% surge. However, SHIB’s price showed a noteworthy 10% increase, garnering attention within the community.

At present, the Shiba Inu price stands at $0.000007796, marking a decline of approximately 0.34% over the last 24 hours. The 24-hour low and high points are recorded at $0.00000761 and $0.00000792, respectively. Furthermore, the trading volume saw a 27.99% decrease within the past 24 hours.

The author’s views are for reference only and shall not constitute any investment advice. Please ensure you fully understand and assess the products and associated risks before purchasing.