Shiba Inu (SHIB) continues to stir up the crypto market with a sharp increase in its burn activity and ongoing developments around its ecosystem. Over the past 24 hours, the SHIB burn rate skyrocketed by 495%, removing 14,052,230 SHIB from circulation, according to Shibburn on X’s (formerly Twitter) data.
Burn Rate Soars, But Weekly Stats Tell a Different Story
This sudden spike in the burn rate signals renewed enthusiasm among community members who remain committed to reducing SHIB’s circulating supply. Token burning has long been viewed as a deflationary tactic that can potentially support price growth by tightening supply over time.
Despite the impressive daily figure, the broader weekly picture paints a more subdued outlook. Over the last seven days, only 59,809,225 SHIB were burned, marking an 89.36% drop compared to the previous week. The discrepancy between short-term and weekly figures suggests that while there are bursts of community-led activity, the long-term burn momentum still faces inconsistencies.
Market Correction Weighs on SHIB’s Price
At the time of writing, Shiba Inu was trading at $0.00001252, reflecting a 2.80% decline over the past 24 hours. This downward move aligns with the overall crypto market trend, which saw a 2.15% drop in total market capitalization. Bitcoin and other major tokens also fell, following profit-taking in Friday’s early trading hours after Thursday’s temporary rise.
Earlier this week, the Federal Open Market Committee (FOMC) meeting briefly lifted market sentiment, though no interest rate cuts were announced. Despite that, SHIB remained locked in a tight consolidation pattern since March 18, fluctuating between $0.0000122 and $0.000013 as traders wait for clearer market signals.
SHIB OS: A Potential Blockchain Game-Changer
Adding a new layer of excitement to the Shiba Inu ecosystem, team member Lucie recently introduced SHIB OS, a developing blockchain technology to make crypto more functional for real-world use. Two innovative layers power SHIB OS:
- Shibarium (L2): A layer-2 blockchain built on Ethereum.
- Shib Alpha Layer (L3): A modular and decentralized sequencer still under development, designed to process transactions in under 100 milliseconds.
These layers aim to improve blockchain efficiency for businesses, governments, and individuals. Potential use cases include supply chain optimization, government digital services, and cost-effective financial transactions with faster settlement times.
Related article: Shiba Inu to $0.00001320? 8% Rally in Sight as Bulls Take Control
Final Thoughts: Burn Momentum Meets Tech Ambition
While SHIB’s price remains under pressure amid a broader market cooldown, the significant spike in burn activity combined with the innovative ambitions of SHIB OS could act as long-term catalysts. As the community continues to focus on reducing supply and developers work to deliver meaningful infrastructure, Shiba Inu may be setting the stage for future relevance far beyond meme coin status.
For now, investors are watching closely. If burn rates remain consistent and SHIB OS delivers on its promise, this could mark a turning point in the token’s utility and valuation.
