Shiba Inu remains a meme cryptocurrency that has held onto its fame in the digital asset sphere, owing to its persistent community focused on minimizing the circulating supply of the coin. In line with this objective, SHIB’s burn rate has witnessed a substantial uptick in the past 24 hours. However, the coin’s price hasn’t been as reactive to this development.

Shiba Inu’s Burn Rate Skyrockets by 540%

As per the data from the Shiba Inu burn tracker, Shibburn, the burn rate of SHIB has experienced an extraordinary surge over the last day. More than 78 million tokens were incinerated, which equates to a 542% burn rate increment compared to the previous day’s activity.

Shiba Inu’s recent burn rate increase is particularly noteworthy as it comes on the heels of several days of low burn rates. The start of the week saw a significant downturn in the meme coin’s burn rate. Data from Shibburn reveals that the SHIB burn rate has reduced by 78.87% in the last week.

This represents a resurgence in positive momentum for the burn rate, contributing to the permanent reduction of tokens in circulation. Furthermore, it demonstrates that Shiba Inu investors are becoming increasingly proactive about burning tokens, which could potentially aid in the coin’s price recovery.

Shiba Inu’s Price Stalls Despite Burn Rate Spike

Contrary to the accelerated Shiba Inu burn rate observed over the past day, the digital asset’s price hasn’t mirrored this activity. Even amidst a period when cryptocurrencies like Bitcoin and Ethereum are rebounding, SHIB continues to underperform.

SHIB currently ranks as one of the worst-performing coins when considering its current price against its peak. The meme cryptocurrency has fallen nearly 91% from its all-time high reached in 2021, leaving the majority of investors grappling with losses.

However, in comparison to its lowest point in this cycle, which was recorded on June 10, the cryptocurrency has risen 34%. Despite this increase, it has barely made a scratch in the losses suffered by its investors.

As of writing, SHIB is trading at a price of $0.0000076, as reported by Coinmarketcap data. Its market capitalization has experienced a swift decline this year, relegating it to the 19th spot among the world’s cryptocurrencies. At present, SHIB’s daily trading volume stands at $115 million, marking a 3.24% rise from the previous day’s figures.