Shiba Inu, often dubbed the Dogecoin killer, has once again made headlines in the crypto world, this time for a substantial increase in its burn rate, even amid a broader market downturn. This trend is particularly noteworthy in South Africa, where the crypto community is increasingly interested in the dynamics of meme coins like SHIB.
Shibburn, a platform dedicated to tracking Shiba Inu burns, reported an astonishing 232.85% surge in the burn rate as of January 22. This increase is significant in the context of the prevailing bearish market conditions, indicating a resilient interest in SHIB among its global community, including South African investors.
The majority of these SHIB burns, as revealed by Shibburn, were initiated by the Shiba Inu community itself. In the last 24 hours alone, a total of 46.60 million coins were burned, sparking excitement within the cryptocurrency market. These community-driven actions, such as sending SHIB to dead wallets, have been instrumental in this burn rate increase. Notably, one significant transaction saw 13.63 million SHIB being sent to burn wallets, followed by another notable transaction of 30.46 million SHIB.
These community efforts to increase the SHIB price resonate with traders and investors, including those in South Africa, especially during times when proactive steps are taken to influence the token’s value. However, despite these enthusiastic burns, Shiba Inu’s price has not shown positive movement.
As of the writing of this article, Shiba Inu’s price has declined by 3.27%, trading at approximately R0.000174 (approx. $0.00000911). This downturn is mirrored in its market value and trading volume, which have also seen reductions of 3.27% and 21.39%, respectively. This trend extends over the weekly and monthly charts, with declines of 4.03% and 12.84%, respectively, causing concern among investors, including those in South Africa.
Despite these price drops, the ongoing burns suggest a potential for a price increase in the coming days. This prospect is closely monitored by the South African crypto market, reflecting a keen interest in how global meme coin trends and community actions can impact the local and international crypto landscapes.
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