Shiba Inu Sees No Token Burn in 24 Hours, Weekly Rate Up 71%

• No token burn activity in the past 24 hours, marking a 100% decrease.
• The SHIB burn rate increased by 71.56% this week, highlighting efforts to boost token scarcity.

Shiba Inu (SHIB) is a hot topic in the crypto community, with important recent developments influencing market dynamics. According to the most recent Shibburn datas, SHIB’s market cap is $10,132,066,996, a minor increase of 1.68%. SHIB’s total supply remains at 589,272,225,459,206 tokens.

HOURLY SHIB UPDATE$SHIB Price: $0.00001719 (1hr 0.11% ▲ | 24hr 1.72% ▲ )
Market Cap: $10,132,066,996 (1.68% ▲)
Total Supply: 589,272,225,459,206

TOKENS BURNT
Past 24Hrs: 0 (-100% ▼)
Past 7 Days: 128,452,453 (71.56% ▲)

— Shibburn (@shibburn) July 29, 2024

Significant Weekly Burn Amidst 24-Hour Stall Highlights SHIB Token Dynamics 

In the last 24 hours, there has been no token burn activity, a 100% drop from previous periods. However, throughout the last week, 128,452,453 SHIB tokens were burned, representing a significant 71.56% rise. This change in burn rate is important to investors because it affects the token’s scarcity and potential worth over time.

At the time of writing, SHIB is trading at $0,00001669, down 2.87% over the last 24 hours. The trading volume has increased significantly, reaching $210.8 million, up by more than 48%. This rise in trading activity during a price decrease may imply a consolidation period or a potential rebound as investors reposition their holdings.

Last week, the SHIB burn rate increased by an amazing 557.75%, indicating the community’s efforts to increase the token’s scarcity. This significant rise in burn rate demonstrates the proactive actions being implemented to enhance the token’s long-term value proposition.

Furthermore, the Shiba Inu fandom has made tremendous headway in its campaign to have Binance burn 1% of trading fees. The petition has surpassed its intended goal of 500 to 1,000 signatures, now the target is 1,500. In the last week alone, 272 new supporters have signed, demonstrating tremendous community support for this project.

Despite the recent slowing in the burn rate, Shibarium, the blockchain platform for Shiba Inu, has made significant progress, approaching 6 million blocks with a current block count of 5,929,347. This milestone represents continued development and activity in the Shiba Inu ecosystem.

Furthermore, as we previously report, the combination of Shibarium and ShibaSwap has improved transaction speeds and user experience, increasing the platform’s overall value and appeal to users. This combination is intended to strengthen Shiba Inu’s position in the decentralized finance (DeFi) industry.