A total of 65.9 billion Shiba Inu tokens were burned on Thursday and removed from circulation, according to the latest data on Shibarium. This takes the total burn rate to 1.38 billion tokens since the layer-2 network was launched in August 2023. Despite sending close to 66 billion SHIB tokens to the dead wallet, the dog-themed token’s price has remained lifeless in the charts. It is still trading with five zeroes with little to no action, testing the patience of investors.
Also Read: Shiba Inu Chances To Grow: 35% Rally Fueled By Token Burn
Why Is Shiba Inu Not Rising Despite Billions of Tokens Being Burned?
Shiba Inu is not surging in value because the billions of tokens sound big, but are meager when compared to the price value. To keep it in context, the 65.9 billion tokens that were sent to the dead wallet are worth only $65,000. In the cryptocurrency market, this amount is worth nothing and is like a small fish in the ocean.
If millions of dollars worth of Shiba Inu tokens are burned every day, only then can its price surge. The millions and billions of tokens being sent to the dead wallet are too small in numbers. SHIB needs to remove trillions of tokens from circulation to really make it.
Also Read: If Shiba Inu Rises 25% by 2030, How Much Will Your $1,000 Turn Into?
In addition, buying pressure has completely dried up as Shiba Inu has lost its buzz and hype. It is no longer the ‘talk of the town’ crypto, as traders have kept it in the back seat. The slow price movement is among the reasons investors have ignored SHIB. It is down nearly 50% in a year and has eaten up the investments of the majority of holders.
That doesn’t mean Shiba Inu has lost it all and given up in the charts. Meme currencies are a world of their own and usually defy all market odds while scaling up. However, that happens only when the time is right and when investors least expect it.