0 Shiba Inu in 24 Hours, What’s Happening?

The Shiba Inu (SHIB) burn rate has displayed an unusual anomaly in the past 24 hours. After a landmark rally in the past week, the last time any SHIB entered the burn wallet was two days ago. Per data from Shibburn, 0 Shiba Inu have been incinerated in the past 24 hours in what appears to be a major cool-off period for the community.

Shiba Inu and community contribution

The past 24 hours have been largely uneventful in the Shiba Inu ecosystem, with prices down and no token burnt. According to the current outlook, the total SHIB burnt in 24 hours remains pegged at 410,737,062,511,061 tokens. The circulating supply is 410,737,062,511,061 SHIB, showcasing how stretched the push for a massive reduction is.

HOURLY SHIB UPDATE$SHIB Price: $0.00001717 (1hr 0.96% ▲ | 24hr 1.84% ▲ )
Market Cap: $10,058,138,588 (1.14% ▲)
Total Supply: 589,262,937,488,938

TOKENS BURNT
Past 24Hrs: 0 (0% ▲)
Past 7 Days: 5,751,747,459 (5926.4% ▲)

— Shibburn (@shibburn) November 4, 2024

Despite introducing the Shibarium burn portal, token burning is still largely a product of community contributions. The burn rate has failed to move for over 24 hours, with no one deeming it fit to send some SHIB to the burn wallet.

This is a rare trend for a token whose price of $100 or less could incinerate a sizable chunk of the supply. One major succor here is that, as with other burn events where 0 SHIB goes to the burn address. This is potentially a temporary trend.

SHIB price outlook

The Shiba Inu token is in the red zone as many altcoins are receding from the previous week’s gains. At the time of writing, the token is down by 1.67% in 24 hours to $0.00001679. Notably, the past week’s sell-off has fueled a steeper 4.84% slip in the past month.

Should the Shiba Inu’s burn rate recover in the coming days, it might also positively prop up the token’s price. As of this writing, the goal is to reach a floor price to trigger a rebound.

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