Shiba Inu’s token burn mechanism has recorded a dramatic percentage increase over the past day, though the actual number of tokens removed from circulation remains modest. The memecoin continues trading in negative territory as cryptocurrency markets digest recent economic indicators and Federal Reserve policy signals.
Burn Rate Surge Masks Low Absolute Numbers
Data from Shibburn reveals that 715,893 SHIB tokens were eliminated from circulation in the last 24 hours. This figure represents a 3,620.28% increase from the previous period, when only 19,243 tokens were burned. The dramatic percentage gain stems from the exceptionally low baseline rather than substantial token destruction.
The current burn activity falls significantly short of historical standards. Previous periods saw millions of SHIB tokens removed from circulation daily. The seven-day burn total stands at 2,219,196 tokens, marking a 97.06% decline from recent weekly averages.
These reductions have made a marginal impact on the overall token supply. Shiba Inu’s circulating supply now sits at 589,246,091,967,744 SHIB. The modest burn volumes suggest limited deflationary pressure on the asset in the near term.
Price Action Reflects Broader Market Weakness
SHIB trades at around $0.000007592 at the time of reporting, down 3.87% over the past 24 hours. The decline aligns with weakness across cryptocurrency markets as investors process new economic data releases.
SHIB price chart, Source: CoinMarketCap
The token has experienced consistent selling pressure since reaching $0.000009 on December 9. Seven of the past eight trading sessions have closed lower. The price currently tests support levels that could determine the next directional move.
Technical analysts identify $0.00009 as a critical resistance point. A breakthrough above this threshold could propel SHIB toward $0.00001 and potentially $0.000011. Such gains would allow the token to eliminate one zero from its price structure.
Downside support exists around the $0.000007 range. A break below current levels could trigger additional selling pressure toward this lower boundary.
Source: https://coinpaper.com/13180/shiba-inu-burns-715-k-tokens-why-the-3-620-surge-means-less-than-you-think
