Shiba Inu’s burn rate increased by 1500% in 24 hours, but the price still struggled in the red

The Shiba Inu (SHIB) token is facing competition from another meme coin called PEPE, but the latest update shows that SHIB still has a strong and dedicated community committed to its growth.

In the last 24 hours, the SHIB community has increased its burning commitment and raised SHIB’s burn rate by over 1500%. However, despite the surge in burn rate, SHIB is still struggling in the red.

Interestingly, the burn rate surge was executed through a single wallet that burned 246.7 million SHIB tokens.

Shiba Inu Burn Rate Surges

According to data from Etherscan.io, a wallet tagged “cultpunks.eth” burned a staggering 246.74 million SHIB in a single transaction executed about four hours ago.

In the past day, the overall Shiba Inu burn rate has skyrocketed by 1549.47%, which was a result of the recent move made by “cultpunks.eth”. This wallet has burned a significant amount of SHIB twice in the past 30 days. The first instance was on April 15th, when the wallet burned 230.79 million SHIB in one transaction.

The CultPunks team has committed to using a portion of their raised funds upon sellout to burn SHIB tokens. They have also dedicated 1% of their funds to the ShytoshiKusama’s fund, which aims to empower women in blockchain, and 2% to the buyback and burn of CULT tokens.

The CultPunks is a set of 10,000 exclusive and randomly produced NFTs that were launched through a partnership with Soupsea, an NFT marketplace on Modulus. These NFTs were created on April 15th, 2023, and have become increasingly popular among NFT enthusiasts.

Despite the increase in burn rate, the SHIB token price is still struggling, and the cryptocurrency remains in the red. This is a significant contrast to the price rally the token experienced a few weeks ago.

Price Action: Shiba Inu Downtrend

The SHIB token price has been in a downtrend in the past few days, struggling to hold above key support levels. SHIB is currently trading at $0.00000996, down 12.8% over the past two weeks. The token has a market capitalization of $5.8 billion, making it the 16th largest cryptocurrency by market cap.

Shiba Inu (SHIB) price moving sideways on the 4-hour chart. Source: SHIB/USDT on TradingView.com

The downtrend in the SHIB token price can be attributed to the overall bearish sentiment in the cryptocurrency market. Bitcoin, the leading cryptocurrency by market cap, has been in a downtrend, which has negatively impacted the prices of other cryptocurrencies, including SHIB.

Furthermore, the recent increase in the SHIB burn rate is yet to have a significant impact on the token price. However, with more significant tokens being burnt over time, SHIB’s price could be hugely impacted and record new highs in the long run.

Featured image from Unsplash, Chart from TradingView

We will continue to update Phone&Auto; if you have any questions or suggestions, please contact us!

Share:

Was this article helpful?

93 out of 132 found this helpful

Discover more

DeFi

🚀 Liquid Restaking Tokens: The Hype, The Risks, and The Future of Ethereum DeFi! 🌟

Discover the latest developments in the world of blockchain technology with our weekly newsletter. This week, join Sa...

BlockChain

Swell Introduces Layer-2 Restaking Rollup in Partnership with AltLayer and EigenLayer

Swell teamed up with Ethereum scaler AltLayer and a16z-backed crypto-staking project EigenLayer to create the rollup,...

Market

AltSignals outlook amidst Huobi insolvency rumors and crypto market slowdown.

Justin Sun, the visionary founder of TRON, has boldly refuted any unfounded rumors surrounding Huobi's financial stab...

Bitcoin

Humorous and Professional Announcement from HTX Exchange

HTX, a popular digital asset exchange, has announced the resumption of deposit and withdrawal services for top crypto...

BlockChain

Poloniex Hack Reveals the Hilarity and Horror of Crypto Exchanges

Investor Justin Sun of Poloniex has confirmed an exploit and has taken action to reimburse affected users. He has als...

News

Justin Sun considers acquiring FTX's cryptocurrency holdings.

Justin Sun, the visionary Founder of Tron and esteemed Advisor to Huobi Global, has enthusiastically conveyed his str...