SHIB Burn Spikes 1,028% as Price Surges 9%: Market Update

SHIB Burn Spikes 1,028% as Price Surges 9%: Market Update

The Shiba Inu (SHIB) community has made significant strides in reducing the circulating supply of SHIB tokens. In the past 24 hours, a staggering 20,633,494 SHIB were burned, with the largest transaction alone removing 19,443,692 SHIB from circulation. This massive burn contributed to a 1,028% spike in SHIB burns over the past day.

SHIB Price Surges 9%

The increased burn rate has positively impacted SHIB's price, which rose by approximately 9% over the past 24 hours. SHIB climbed from $0.00001162 to $0.00001267, marking its first increase since Friday. Despite this short-term gain, SHIB has experienced a 15% decline since Friday, mirroring broader market trends.

Weekly Burns and Market Context

Over the past week, the SHIB community burned 93,273,100 SHIB, reflecting a -8.92% decline in weekly burns. SHIB's price movement aligns with Bitcoin's performance, which saw a 4% increase to $83,200 after a significant drop since Friday. The cryptocurrency market is reacting to recent announcements regarding Bitcoin reserves, impacting investor sentiment.

SHIB's Current Market Position

As of now, SHIB holds the 18th position on CoinMarketCap, with a market capitalization of $7.4 billion. While it remains a popular meme coin, its position teeters on the edge of the top 20 list, highlighting the competitive nature of the cryptocurrency market.

This recent surge in SHIB burns and price movement underscores the community's efforts to enhance SHIB's value and scarcity. Stay tuned for further updates as the market continues to evolve.