On its fifth anniversary, Shiba Inu experienced a huge surge in token burn activity and a decline in token price. The celebration follows a renewed interest in supply reduction and long-term holder growth.
Shiba Inu Burn Rate Skyrockets 5,809% as Markets Tank and Price Drops
Shibburn figures reflect that the burn rate for Shiba Inu skyrocketed by 5,809% within the past 24 hours. More than 4.1 million SHIB were burnt within this period.
Despite the burn trends, the price of SHIB declined by 5.85% to $0.00001208. The token’s market cap now stands at roughly $7.1 billion, with a 24-hour trading volume of $305.91 million.
Source: Shibburn
Shiba Inu is not the only crypto experiencing a price drop. The broader crypto market also crashed following the escalation of trade war between the U.S., Canada and other nations. The Donald Trump administration announced new tariffs on more than 60 countries, ranging from 10% to 50%.
This burn surge means that a total of 628 million SHIB tokens has been burned in the last seven days. This is an improvement of 365.09% in the burn rate within the last week.
Shiba Inu’s total supply in circulation is 589.27 trillion. The increased activity in burns indicates the strong involvement of those within the community although the sentiments in the broader market indicates caution.
SHIB Celebrates 5 Years of Significant Growth
The Shiba Inu team is also sharing some of the key milestones accomplished as the ecosystem celebrates its fifth anniversary. In October 2021, the token hit an all-time peak of 0.0000885.
According to @Shibizens on X, Shiba Inu price has also gained over 21,600,000% since launch and reached a peak market cap of $41 billion. SHIB now has 1.51 million holders and has been listed on more than 115 exchanges globally, increasing its accessibility.
SHIB posted a daily trading volume of $43.5 billion, which is the highest volume ever posted by the meme-based token. There is also Shibarium, a scaling layer-2 blockchain developed by the project’s team. ShibaSwap remains its native decentralized exchange.
One of the main events Shiba Inu celebrated this year was the release of a community-driven DAO. This ensures that token holders now have governance rights. These milestones show SHIB’s evolution from a meme coin to a full ecosystem backed by strong community involvement and growing infrastructure.
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Paul
Paul Adedoyin is a crypto journalist with 4+ years experience who provides timely news, in-depth research, and insightful content to inform and empower his audience. His works have been featured on sites such as CryptoMode, CryptoNewsFlash among others.
He holds a degree in Geophysics from OAU, Nigeria. When he’s not writing, he loves watching soccer and reading educative journals.
He can be reached via [email protected]
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