The SHIB ($0.00) community witnessed a notable surge in the burn rate, climbing by 286.84% in the past 24 hours. Data from wallet tracker Shibburn shows that despite this impressive percentage, the actual number of tokens burned remains underwhelming. Specifically, only 269,722 SHIB coins worth approximately $3.28 have been permanently removed from circulation.

Weekly Burns Show Stronger Performance

Although the daily burn looks insignificant, weekly data paints a better picture. Over the last seven days, the SHIB community successfully sent 13,772,405 SHIB to unspendable wallets. However, the overall weekly burn rate recorded a sharp drop of 97.82%, signaling inconsistent token destruction efforts.

Following a 5% decline over the past two days, Shiba Inu attempted to recover. Earlier today, SHIB gained 2.32% before facing a market rebound that pushed its price downward again. At the time of writing, SHIB trades at $0.00001213.

Bitcoin’s Movement Influences SHIB

SHIB’s recent price action closely mirrored Bitcoin’s fluctuations. Bitcoin dropped 2.13%, moving from $115,350 to $112,890, before rebounding to trade near $114,000. This correlation suggests that broader market sentiment, driven by Bitcoin, continues to affect SHIB’s short-term performance.

Related article: SHIB Community Engagement: The Hidden Force Behind Price Resilience

Despite a substantial percentage increase, the limited number of SHIB tokens burned highlights a significant issue: large burn rate spikes do not always translate into impactful supply reductions. The community needs more consistent and sizable burns to influence SHIB’s long-term value meaningfully.

While the SHIB burn rate surged by 286%, the actual amount of tokens removed remains negligible. Weekly burns show improvement but still face volatility. Coupled with market pressure from Bitcoin’s movements, SHIB struggles to gain strong upward momentum. Without more impactful burn efforts, price recovery may remain slow and uncertain.

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