Shiba Inu’s token burn rate experienced a dramatic reversal in the past 24 hours, jumping 1,567% after several consecutive days of decline. The meme cryptocurrency saw over 1.1 million tokens removed from circulation, marking a significant shift in community activity.
Data from Shibburn reveals that 1,157,800 SHIB tokens were burned during the latest 24-hour period. This figure stands in stark contrast to earlier in the week, when daily burns consistently remained below 200,000 tokens. The previous day recorded particularly weak activity, with only 69,420 tokens burned, a 62.96% decrease that coincided with broader market turbulence.
The timing of this burn rate spike raises questions about community sentiment and strategy. SHIB currently trades at $0.000008191, down 2.82% over 24 hours and 2.61% across the past week. Despite ongoing price weakness, the sudden increase in token burns suggests holders remain committed to reducing supply.
SHIB price chart, Source: CoinMarketCap
Market Conditions Test Investor Resolve
The cryptocurrency market continues to face headwinds following a prolonged sell-off that began in early October. A major liquidation event eliminated approximately $19 billion in leveraged positions, creating persistent downward pressure across digital assets.
Glassnode, a prominent crypto analytics platform, characterizes the current environment as a “mild bearish phase.” The firm notes that modest capital inflows cannot offset consistent selling from larger holders. This dynamic has left traders uncertain about near-term direction as 2024 draws to a close.
Macroeconomic concerns have amplified market anxiety. Investors remain cautious as they assess potential impacts on risk assets. The sell-off has dampened enthusiasm across both major cryptocurrencies and alternative tokens.
Upcoming Catalysts Could Shape 2025 Trajectory
Several events scheduled for mid-December may influence Shiba Inu’s path forward. Coinbase announced plans to launch perpetual futures for multiple altcoins, including SHIB, on December 15. This move will provide U.S. traders with additional tools for speculation and hedging.
The exchange has also teased a system update scheduled for December 17. Members of the Shiba Inu community are watching closely for potential announcements that could benefit the token. Details remain scarce, but speculation has increased ahead of the scheduled maintenance.
Source: https://coinpaper.com/13094/shiba-inu-burns-over-1-million-tokens-is-december-s-big-move-coming
