Recent data from Shibburn, a blockchain tracking platform, indicates that the burn rate of Shiba Inu (SHIB) has skyrocketed by 5545.73% within the last 24 hours.
During this period, a significant total of 61,468,595 SHIB tokens were permanently taken out of circulation, with a substantial part of the burn linked to a single large transaction.
The process of burning SHIB tokens is a community-led initiative aimed at diminishing the token’s supply and enhancing its scarcity.
Following the recent burn, the total available supply of SHIB reached around 589.26 trillion tokens, with the remaining supply being utilized to maintain the token’s market operations.
Post-Burn Movement of SHIB
At the time of reporting, SHIB was being traded at $0.00002526, denoting a 1.89% surge within the past 24 hours and a 4.80% increase over the preceding week.
Throughout the last 24 hours, SHIB’s trading range spanned from $0.00002453 to $0.00002639, indicating its ongoing volatility.
Despite the burn incident and subsequent price rise, SHIB made a brief attempt to climb higher but eventually reverted to its current price level.
This price movement implies that there was a limited immediate impact from the burn activity on the market dynamics, although the long-term consequences might hinge on continuous token removal initiatives.
Expanded Trading Alternatives on Binance
Moreover, Binance recently broadened its trading offerings for Shiba Inu by introducing spot grid trading and spot DCA (dollar-cost averaging) for the SHIB/USDC pair.
These expanded trading options have positioned SHIB for heightened engagement and involvement in the market.
This expansion, in conjunction with the ongoing token burn process, could potentially facilitate a gradual upward trend in prices provided that market conditions remain favorable.
Profitability of SHIB Holders
Statistics from IntoTheBlock unveiled that, at the current price of $0.000025, 61.33% of SHIB addresses were in profit, while 28.71% registered losses, and 9.97% were at break-even.
These metrics showcased a substantial concentration of profitability within the price bracket of $0.000008-$0.000025, indicating robust backing from long-standing SHIB holders.
The combination of profitability data, the surge in burn rate, and the introduction of new trading avenues portray an encouraging outlook for the SHIB community and its potential for consistent market engagement.