SHIB Price Tanks but This Metric Soars by 2800%

Turkish lire; Dr

• The Shiba Inu's burn rate has increased by 2800% in the past 24 hours.
• Despite increased burning efforts and progress in the Layer 2 metering solution, the price of Shibarium, SHIB remains low, reflecting the overall market correction.

SHIB's efforts are on fire

Shiba Inu burning rate exploded increased by 2,800% in the last 24 hours, resulting in nearly 8 million tokens being removed from circulation. Data indicates that more than 50% of the amount was destroyed in a single transaction about 17 hours ago.

The burn program aims to reduce the massive supply of the meme coin and create potential appreciation in value through scarcity. SHIB has a maximum supply of 999,982,363,413,352 tokens, with over 41% of them already sent to an empty address.

The mechanism is rather complex and includes automatic and manual burns. If you want to learn more about this topic, feel free to read our dedicated guide here. Not long ago, the team behind the meme coin foot A “transformational symbolic mechanism” to automate the entire system.

However, it is worth noting that SHIB is still deep in the red, down 3% on a daily scale and 6% weekly (according to CoinGecko data). Its decline coincides with a general market correction, as Bitcoin (BTC) rose. He landed To $67,500, while Ethereum (ETH) approached the $3,500 level.

Volatility in burn rate may be caused by someone liquidating their position during times of market uncertainty and increased volatility.