The Shiba Inu token burn rate has experienced a dramatic 87% collapse, reflecting the broader downturn affecting the cryptocurrency market. Data from Shibburn, an on-chain tracking platform, shows that only 647,360 SHIB tokens were removed from circulation in the past 24 hours, marking a significant decrease from previous burning activity.
This sharp decline follows a weekend that saw stronger burn performance. Just one day earlier, the SHIB community successfully burned approximately 4.8 million tokens through a single transaction sent to an unspendable blockchain address. The contrast between these figures highlights the volatility in burn activity that often mirrors market sentiment.
The total amount of SHIB removed from the original quadrillion token supply now stands at over 410 trillion coins. This represents roughly half of the initial circulation, demonstrating the long-term commitment of the community to reduce supply. Despite this milestone, recent burn activity has slowed considerably.
At the time of writing, SHIB trades at around $0.00000768, down 1.09% in the last 24 hours.
Bitcoin Decline Triggers Market-Wide Selloff
The broader cryptocurrency market faced substantial pressure over the weekend. Bitcoin, the leading digital asset, dropped 1.00% in the last 24 hours to approximately $87,756 at the time of writing. This decline pulled alternative cryptocurrencies down in its wake, including meme tokens like SHIB.
If January closes in negative territory, it will mark the first time in eight years that Bitcoin has experienced such a prolonged decline. The 2018 crypto winter saw Bitcoin plunge to $3,000, creating widespread market distress. November’s 17.67% crash represented the worst monthly performance since November 2022, when the FTX exchange collapsed. December also disappointed investors, with the traditional “Santa Rally” failing to materialize and prices falling nearly 3%.
Institutional Investors Continue Accumulating
Despite the bearish price action, large investors remain active buyers. Michael Saylor’s Strategy company announced on January 20 that it had purchased 22,305 BTC for approximately $2.13 billion. This acquisition demonstrates continued institutional confidence in Bitcoin’s long-term value proposition.
Robert Kiyosaki, author of “Rich Dad Poor Dad,” publicly stated he remains unbothered by Bitcoin’s price volatility. He also mentioned gold and silver in his recent social media post, expressing conviction that he will continue accumulating BTC regardless of short-term price movements. Kiyosaki cited concerns about economic stability as his primary motivation for holding hard assets.
Source: https://coinpaper.com/14030/shiba-inu-burn-plummets-87-amid-bitcoin-price-drop-to-87-756
