- The SHIB burn rate has dropped by 91.61% as the crypto market faces a major crash.
- Despite this, weekly burns surged by 3,600%, with over 1 billion SHIB destroyed in recent days.
The Shiba Inu burn rate has taken a massive hit, plunging by nearly 92% in the past 24 hours. This sharp decline comes as the broader crypto market faces a severe collapse, triggered over the weekend by a series of events that have sent shockwaves through the industry.
Shiba inu Burn Rate Plummets
According to data from Shibburn, the SHIB burn rate dropped a staggering 91.61% compared to the previous day. In the last 24 hours, the community burned just 2.6 million SHIB. This is a sharp contrast to earlier burn efforts. The largest single transaction sent 1.9 million SHIB to an unspendable address, a significant contribution to the current burn count. While these numbers are dismal, the news isn’t entirely grim.
Weekly Burn Shows Promise
Despite the sharp drop in daily burns, the weekly burn rate has surged by more than 3,600%. The community has destroyed over 1.16 billion SHIB in the last seven days. The highlight of this spike was a massive burn of over 1 billion SHIB on January 31, conducted by the Shiba Inu team. This was part of the rollout of ShibTorch V2, a major update to the Shiba Inu burn system that promises improved efficiency and greater community involvement. This burn was part of the Shiba Inu team’s ongoing effort to reduce the total supply of SHIB, with the goal of increasing scarcity and driving value.
Crypto Market Bloodbath Hits Hard
The ongoing crash in the crypto market directly ties to the SHIB burn rate slump. The weekend saw Bitcoin and many altcoins, including SHIB, experience a dramatic fall. SHIB briefly dipped by as much as 34% but quickly rebounded to a 25% loss as the market struggled to recover. Geopolitical tensions, particularly the trade tariff war between the U.S. and key global partners like Mexico, Canada, and China, spurred the market turmoil. These tensions triggered a sell-off, which led to over $2.2 billion worth of liquidations in just one day.
What’s Next for Shiba Inu?
Despite a drop in the SHIB burn rate, the community remains committed to burns, with ShibTorch V2 offering hope. However, the broader crypto market faces uncertainty due to regulatory and macroeconomic pressures. SHIB holders must watch closely as the market and burn efforts evolve in these uncertain times.
