The #ShibaInu token, a standout meme cryptocurrency, has maintained its market appeal throughout #crypto2023 by committing to reducing the token’s circulating supply. Correspondingly, SHIB’s burn rate – the process of permanently removing coins from circulation – has seen a significant surge in the last 24 hours. However, this increase hasn’t been mirrored in SHIB’s price performance.

Shibburn, a dedicated tracking platform for Shiba Inu’s burn rate, reveals a notable increase in the amount of SHIB tokens burned over the past 24 hours. Approximately 78 million tokens were removed from circulation, marking a 542% uptick in the burn rate compared to the previous day.

This increase is particularly significant as it follows a period of relatively low burn rates. The meme coin kicked off the new week with a marked decrease in the burn rate. Data from Shibburn indicates a 78.87% drop in the SHIB burn rate over the previous week.

This signifies a revitalization of the positive burn rate momentum, which aids in reducing the number of circulating tokens. Furthermore, it implies that Shiba Inu investors are increasingly favoring token burns, a trend that could potentially boost the token’s price.

Despite the noteworthy increase in Shiba Inu’s burn rate, the asset’s price has failed to respond similarly. SHIB continues to record losses even as other digital assets like Bitcoin and Ethereum trend upwards.

Compared to its all-time peak, SHIB is among the most underperforming coins currently. It sits roughly 91% below its record high from 2021, leading to substantial losses for the majority of its investors.

However, the coin is performing better compared to its lowest point in this cycle. Following a dip to its cycle low on June 10, it has since climbed by 34%. Nevertheless, this increase barely offsets the losses incurred by its investors.

As per #Coinmarketcap, #SHIB is currently priced at $0.0000076. Its market capitalization has fallen significantly this year, now resting at $4.52 billion and ranking as the 19th largest cryptocurrency in the market. SHIB’s daily trading volume stands at $115 million, a 3.24% increase from the previous day.