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Shibburn has reported a significant increase in the number of Shiba Inu (CRYPTO: SHIB) tokens being burnt on X, formerly Twitter.
What Happened: The post noted that the number of SHIB tokens burned over 24 hours has shot up 25.9% to 24.36 million, while over a longer 7-day horizon, the burn rate has shot up 269.9% with 798.3 million tokens burned.
Notably, the post comes amid a market correction for Shiba Inu with the coin often referred to as Dogecoin (CRYPTO: DOGE) killer retracing to key bull market levels, as noted by prominent crypto analyst Yomi in a thread on X (formerly Twitter).
Even though the burn rate has seen an uptick over the last seven days, the price action has largely been negative with SHIB falling nearly 16% during the period.
Why It Matters: The burning of tokens is a key factor in the coin’s market performance, as it reduces the supply of tokens, potentially driving up the price. The significant increase in the burn rate reported by Shibburn could therefore have a substantial impact on the future of Shiba Inu.
Shiba Inu’s price has seen a 4.97% increase in the past 24 hours. This price movement is in contrast to the coin’s trend over the past week, indicating a potential shift in market dynamics, according to a Benzinga article.
Moreover, the increase in daily transactions suggests growing interest in Shiba Inu, which could lead to a ‘massive bull market’.
Price Action: At the time of writing, SHIB traded 5.62% higher at $0.000023, according to data from Benzinga Pro.
Read Next: Elon Musk Teases Dogecoin Tweet But DOGE Fails To Rally From 20% Weekly Correction
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