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▲ Shiba Inu (SHIB)/ChatGPT generated image
Shiba Inu (SHIB) is demonstrating aggressive deflationary behavior by rapidly reducing its circulating supply, having recorded a record-breaking burn rate of over 700% in a single day.
Anand Sinha, a reporter for the cryptocurrency specialized media TheStreet, reported on April 25 (local time) that Shiba Inu's token burning system has shown an unprecedented surge, driven by active trading. Citing data from Shibburn, a virtual asset burn tracking platform, Shiba Inu's burn rate has skyrocketed by over 700% in the last 24 hours.
Through this burn, over 23.62 million SHIB were permanently removed from circulation within a day. The total amount burned over the last 30 days reached 232.81 million SHIB. The Shiba Inu ecosystem has successfully burned a total of 410.83 trillion SHIB to date, removing 41.08% of its initial supply.
Shiba Inu's market capitalization currently stands at $3.67 billion, maintaining its 30th position in the overall cryptocurrency market. Experts analyze that the strategy of intentionally reducing supply to increase scarcity acts as a key mechanism to defend against price drops. Despite some price declines due to the overall market downturn this year, strong community support remains evident.
Optimistic outlooks from investors are also prevalent in the futures market. In the last 24 hours, short positions worth approximately $3,400 were liquidated, whereas long position liquidations amounted to only $265.46. This is a significant figure, suggesting that many investors are betting on the upward potential of Shiba Inu's price in the future.
The total market capitalization of the global memecoin market currently stands at $37.4 billion, consistently demonstrating its influence. Shiba Inu's record-breaking burning streak is expected to strengthen the asset's intrinsic value and serve as a foundation for a long-term rebound.
*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*
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