Coming in second after Dogecoin as a top dog-themed memecoin by market cap, Shiba Inu (SHIB) recorded a total of 1,877,749 burnt tokens on the day. The report which was shared by Shib Burn Tracker on X indicates that this is a 105% surge in the last 24 hours.
HOURLY SHIB UPDATE$SHIB Price: $0.00002208 (1hr 0.21% ▲ | 24hr 4.70% ▲ )
Market Cap: $13,007,625,252 (4.67% ▲)
Total Supply: 589,257,089,518,070TOKENS BURNT
Past 24Hrs: 1,877,749 (105.26% ▲)
Past 7 Days: 38,886,684 (-17.53% ▼)— Shibburn (@shibburn) January 2, 2025
The memecoin has also recorded over 7% price surge in the day, following the prevalent market trend on a new year.
Number of SHIB Tokens Burnt in 2024
Shib Burn Tracker reported on Jan. 1, 2025, that the Shib community burnt an incredible number of coins in 2024. Members of the dog-themed memecoin community burnt a total of 44,623,604,014 SHIB for the last year.
While the burnt tokens may seem significant, the SHIB community took to social media to criticize the slow burn rate. Most enthusiasts have argued that the amount of tokens burnt is too small to significantly reduce the circulating supply in the next few years.
One crypto investor and influencer, @Cryptogether51, for instance, expressed his frustrations. While replying to the Shib Burn Tracker tweet, the crypto influencer commented, “Now we just have to wait another 50 years until two zeros disappear…”
The main reason behind burning tokens is to reduce the total supply, making them scarce, which would then lead to a surge in price. Shiba Inu’s total burnt tokens equal only a quadrillion of the total supply, which is 589.5 trillion.
Shiba Inu’s Current Price Performance
As of this writing, SHIB is trading at $0.00002278, a 7.25% increase in the last 24 hours. The memecoin’s trading volume stands at $569.8 Million, an 83.71% increase, which shows a surge in market activity. SHIB’s market capitalization is $13.42 billion.
Shiba Inu’s recent performance aligns with the prevailing cryptocurrency market trend. For instance, Bitcoin recorded over 3% on New Year’s Day. Based on recent market activity, Shiba Inu fans remain optimistic for 2025.
While the year has kicked off well for crypto enthusiasts, it is commendable to remain cautious as the memecoin market deals with conflicting emotions. As the Shiba Inu memecoin makes its next move early into 2025, memecoin investors need to keep a close eye on crucial price levels and prevalent market conditions.
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