Shiba Inu (SHIB) Token Burn Rate Surged 2682.44% in the Last 24 Hours but Price Still Showing Calmness

Bull sentiments around Dog-themed cryptocurrency surged rapidly, as the burn rate surged by 26.8 fold in the last 24 hours.

Shiba Inu (SHIB) burn rate surged by 26.8 fold in the last 24 hours, according to the latest updates from Shibburn’s official X (formerly Twitter) account.

The total amount of SHIB tokens burned in the past 24 hours stands at 18,617,208, marking a dramatic 2,682.44% surge in the daily burn rate.

However, despite this massive increase in the burn rate, the trade price of SHIB remained largely unchanged, showing a slight decrease of 0.15% in the last 24 hours. At the time of writing this article, the trade price of the Shiba inu token is $0.000018.

This price is also down by 34% in the last 3 months and we can see that no sudden fluctuation was seen in the price over the last 24 hours.

It is important to note that burning tokens can potentially increase the trade price by reducing the total supply available.

This scarcity can create higher demand relative to the decreased supply, ultimately driving up the price.

However, various factors, including market conditions, supply and demand dynamics, and overall cryptocurrency trends, can influence the actual impact on the trade price.

In related news, billionaire Elon Musk clarified his cryptocurrency holdings following rumors.

Musk stated that he personally holds Bitcoin, Dogecoin, and Ethereum, but not SHIB meme coin, distancing himself from the token.

The rumors about Musk's SHIB holdings spread after a recent tweet, leading to speculation among SHIB enthusiasts.

However, Musk's latest statement and absence of SHIB in his listed holdings clear up any uncertainty.

Meanwhile, the Fear & Greed Index is currently at 55, indicating that crypto investors are still leaning towards greed in their short-term crypto investment strategies.

This index measures market sentiment towards cryptocurrencies, and a higher reading in the "greed" zone suggests increased optimism and short-term investment activity.

However, it's worth noting that the index has been declining sharply since mid-June 2024, indicating a shift in market sentiment.

This aligns with the recent market downturn and could impact crypto prices, including SHIB.

News source：https://www.kdj.com/cryptocurrencies-news/articles/shiba-inu-shib-token-burn-rate-surged-hours-price-calmness.html

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