- Shiba Inu’s burn rate surged by over 400% within a week, burning 10.92 million tokens in 24 hours.
- Shytoshi Kusama discussed Web3 technology at Infinity Venture Summit 2024, maintaining anonymity with a mask.
The volatile crypto market has not slowed Shiba Inu (SHIB) token burn rate from rising. Data from Shibburn posted on X indicates an over 400% increase in the burn rate of this meme token within the past week.
The burn rate has risen by over 24.83% in the past 24 hours alone, burning roughly 10.92 million SHIB tokens.
HOURLY SHIB UPDATE$SHIB Price: $0.00001564 (1hr -0.33% ▼ | 24hr -1.07% ▼ )
Market Cap: $9,218,094,220 (-0.70% ▼)
Total Supply: 589,272,541,589,000TOKENS BURNT
Past 24Hrs: 10,925,502 (24.83% ▲)
Past 7 Days: 357,062,796 (426.04% ▲)— Shibburn (@shibburn) July 7, 2024
Continued Market Volatility
Though efforts at recovery by the crypto market over the previous two days call for caution since the predominance of adverse patterns looms huge. With investors still alert, the market is probably going to keep looking for transient trend indications this week.
On the other hand, CNF reported that Shytoshi Kusama, the mysterious Shiba Inu leader, showed up for the Infinity Venture Summit 2024.
Kusama spoke about Web3 technologies during the summit behind mask-wearing anonymity. This look has piqued more Shiba Inu community interest and conjecture.
Current SHIB Price and Market Sentiment
Meanwhile, reflecting a 2.11% drop in the last 24 hours, SHIB is trading around $0,00001577 at the time of writing. Still, there is optimism for a strong push like the weekend if SHIB can climb and maintain above the $0,000016 mark.
The recent rise in burn rate is a good sign for Shiba Inu (SHIB) aficioners. Still, the general sentiment of the market is wary. Whether SHIB can escape bear headwinds and start a bullish trend will depend critically on the next few days.
The significant rise in the burn rate indicates a decrease in the total supply of SHIB tokens, which could cause value over time to decrease or increase depending on this direction. Long-term investors, depending on the appreciation of the token, depend on this method.
