financetom
Cryptocurrency
financetom
/
Cryptocurrency
/
Shiba Inu Burn Rate Explodes by Over 7,000%: Is the SHIB Price Ready to Take off?
News World Market Environment Technology Personal Finance Politics Retail Business Economy Cryptocurrency Forex Stocks Market Commodities
Shiba Inu Burn Rate Explodes by Over 7,000%: Is the SHIB Price Ready to Take off?
Jan 31, 2025 6:03 AM

TL;DR

Shiba Inus team and community removed more than one billion tokens from the circulating supply in the last 24 hours. However, SHIBs price remains in red territory on a weekly scale.

The Burning Goes Through the Roof

The second-largest meme coin, Shiba Inu, saw its burn rate skyrocket by approximately 7,200% in the past 24 hours. This resulted in over 1.1 billion tokens being sent to a null address.

While the USD equivalent of the destroyed stash is insignificant, continuous efforts in the field will reduce the circulating supply of SHIB, making it more scarce and possibly more valuable in the future (should demand increase or remain constant).

Another bullish factor worth mentioning is Shiba Inus exchange netflow. According to CryptoQuants data, outflows have exceeded inflows in the last week, suggesting a potential shift from centralized exchanges toward private wallets. This, in turn, reduces the immediate selling pressure.

Despite the positive developments, the price of the meme coin has underperformed on a weekly scale. It currently trades at around $0.00001876 (per CoinGeckos data), representing an 8% decline for that timeframe.

SHIB Price, Source: CoinGecko

Hows the Big Rival Doing?

The undisputed leader in the meme coin sector Dogecoin (DOGE) has performed quite similarly to SHIB in the past seven days. Its price has tumbled by approximately 9% to the current $0.33. 

DOGE Price, Source: CoinGecko Nonetheless, crypto X is rammed with analysts who believe that a massive DOGE rally is incoming. The X user Lucky recently told his over two million followers that the meme coin is gaining serious momentum. They suggested that Dogecoins next potential rally would be epic, claiming that the $1 milestone is just a matter of time.

Earlier this week, Ali Martinez wondered how some could bet against DOGE since at any moment it could explode by a staggering 900% in just 48 hours. Such a rally would mirror the assets performance at the end of January 2021, when the valuation exploded by triple digits in a few days. 

Meanwhile, the meme coin might receive a serious price boost should the US Securities and Exchange Commission (SEC) approve Bitwises intention to launch a spot DOGE ETF in America. The investment vehicle will give people more options to gain exposure to the meme coin, which could positively reflect its performance.

Comments
Welcome to financetom comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
Related Articles >
Cronos Labs Strengthens Partnership With Google Cloud, Onboards Platform as Node Operator
Cronos Labs Strengthens Partnership With Google Cloud, Onboards Platform as Node Operator
Nov 9, 2024
Cronos Labs, the blockchain entity behind the development of the Cronos ecosystem, has announced that it is taking its partnership with the Google Cloud platform to the next level by onboarding the cloud computing services provider as a Cronos validator. According to a press release sent to CryptoPotato, the relationship between Cronos Labs and Google Cloud will expand beyond boosting...
Top Ethereum Price Predictions as ETH Soars 8% in the Past 24 Hours
Top Ethereum Price Predictions as ETH Soars 8% in the Past 24 Hours
Nov 9, 2024
TL;DR Ethereum hit $2.8K for the first time in three months, with analysts predicting continued upward momentum. Key metrics, including MACD and moving averages, flash buy signals for ETH, but the high RSI suggests a potential short-term correction. ETH Finally Joins the Party Ethereum (ETH) has been lagging behind the other leading cryptocurrencies in terms of gains in the past...
Pi Network (PI) News Recap November 7th
Pi Network (PI) News Recap November 7th
Nov 9, 2024
TL;DR Pi Network extended the KYC deadline to November 30, urging users to join as validators and earn Pi tokens. The latest Pi Node update moves nodes closer to mainnet, with a roadmap reveal expected in December 2024. The Latest Updates Pi Network a crypto project that aims to enable users to mine digital assets directly from their smartphones has...
SEC War on Crypto Could Wind Down Under Trump
SEC War on Crypto Could Wind Down Under Trump
Nov 9, 2024
Gary Gensler’s SEC has conducted one of the most aggressive regulatory crackdowns on the crypto industry in US history, viewing most digital assets as unregistered securities under decades-old finance laws. However, the recent Republican landslide at the polls could result in a rollback of enforcement action from the securities regulator, according to Bloomberg. Additionally, President Trump pledged at the Bitcoin...
Copyright 2023-2026 - www.financetom.com All Rights Reserved