![BitTorrent [New]](https://s2.coinmarketcap.com/static/img/coins/64x64/16086.png)
The Shiba Inu (SHIB) community has significantly increased the token’s burn rate, removing over 3.24 million SHIB from circulation in the past 24 hours. According to Shibburn, this represents a 5,785% rise in the burn rate. Despite the aggressive burn efforts, SHIB’s price has remained stable, currently trading at $0.00002043.
Burn Rate Increases, But Price Stalls
Shiba Inu’s burn mechanism saw two major transfers in the last 24 hours, with 1,263,583 SHIB and 1,000,000 SHIB moved to inaccessible wallets. Over the past week, approximately 63 million SHIB were burned. However, on a weekly basis, the burn rate has decreased by 6.81% compared to the prior week, highlighting a slowing trend in token burns.
SHIB Price Volatility Continues
On January 21, Shiba Inu’s price surged 7.71%, reaching $0.00002126. This was followed by a 3.85% drop, with SHIB currently trading at $0.00002043. The token’s price fluctuations align closely with the movements of Bitcoin, the market leader. Bitcoin recently gained 6% to hit $107,163 before falling 2.11% to $104,900.
Broader Crypto Developments
The cryptocurrency community is also abuzz with discussions surrounding the pardon of Ross Ulbricht, the founder of Silk Road. Ulbricht, who received two life sentences for operating the darknet marketplace, is expected to be pardoned by former U.S. President Donald Trump. This development has reignited interest in the early days of cryptocurrency and its evolving role in financial systems.
What This Means for SHIB
While the increased burn rate underscores the community’s commitment to reducing SHIB’s circulating supply, the price impact has yet to materialize. Investors continue to monitor Bitcoin’s movements and broader market trends to gauge SHIB’s future performance.
