- SHIB burn rate soared 1500% as 34M tokens were destroyed in one day.
- SHIB price dropped over 50% in 2024 despite aggressive burns.
- 410T SHIB burned to date; 584T tokens remain in circulation.
Shiba Inu burn rate has once again surged offering some support to the meme coin despite the ongoing market volatility.
Massive SHIB Token Burn Reignites Market Interest
Shiba Inu’s token burn rate experienced a massive increase of more than 1500% as 34 million tokens were taken out of circulation in a single day. On April 9, there was a substantial jump which marked a major progress in Shiba Inu’s efforts to create token scarcity.
Shibburn, the official burn tracker, tracked the burn and verified that a single wallet address “0x541f60e5576” single-handedly burnt over 17 million tokens which led to the notable increase. As an upshot, the SHIB burn rate surged 1538% intraday in the past 24hrs.
Even though Shiba Inu implemented aggressive token burning measures, its price still mirrors the larger market forces at play. Since the beginning of the year this meme coin cryptocurrency has suffered a price drop exceeding 50 percent. The price dropped from $0.00002 to roughly $0.00001 according to TradingView data. Supply contraction from burns typically leads to bullish market expectations but Shiba Inu’s price trajectory has not shown immediate positive movement.
Market Volatility Overshadows Positive Burn Metrics
Current market trends show that outside economic forces still heavily influence investor confidence. The Shiba Inu token experienced a 5 percent intraday price reduction on April 6 by dropping from $0.00001143 to $0.00001093. The price drop came after broader market corrections followed renewed U.S. tariff announcements that disturbed both traditional and digital asset markets.
Shiba Inu price charts reveal a weekly decrease of 10 percent along with a monthly decline of 12 percent. The current market trends stem from external environmental factors as analysts believe internal metrics are not the primary cause. Economic uncertainties and changes in global trade patterns have hindered the crypto market’s ability to establish a positive momentum.
Analyst Maintains Bullish Projection
Analysts maintain their positive outlook on Shiba Inu’s long-term potential despite subdued short-term price movements. Javon Marks reiterated his previous analysis and pointed to the potential for substantial gains in the crypto market.
He continues to target a price of $0.000081 for the token which indicates potential gains exceeding 500 percent. The projected outcome depends on both macroeconomic stability and the regular implementation of token burning procedures.
The Shiba Inu network currently has 584 trillion tokens in circulation together with 410 trillion tokens that have been burned. The Shiba Inu community demonstrates their commitment to long-term value creation by actively reducing token supply through these figures. Analysts warn that any price recovery will heavily depend on macroeconomic conditions and how investors approach risk assets.
The recent increase in Shiba Inu token burns strengthens its deflationary strategy but has not yet led to a positive effect on market price. Investor caution along with global financial tensions keep the meme coin under sustained pressure.
