While Shiba Inu (SHIB) token appears to be getting rivaled by another currently hyped meme coin called PEPE, the latest update shows SHIB still has a strong community devoted to its growth. In the last 24 hours, the SHIB community continues to fulfill its burning commitment and surged SHIB’s burn rate by more than 1500%. However, despite the surge in burn rate, SHIB has continued to struggle in the red. Interestingly, the burn rate surge was executed via a single wallet burning 246.7M SHIB tokens. Related Reading: Shiba Inu Community Destroys 3.26 Billion SHIB in April Amid Price Decline Shiba Inu Burn Rate Surges According to data from Etherscan.io, a wallet tagged “cultpunks.eth” has burned a staggering 246.74 million SHIB in a single transaction executed about four hours ago. In the past day, the overall Shiba Inu burn rate has skyrocketed by 1549.47%, a result of the recent move made by “cultpunks.eth.” This marks the second time in the past 30 days that this wallet has burned a significant amount of SHIB. The first instance was on April 15th, when the wallet burned a staggering 230,799,740 (230.79M) SHIB in one transaction. The CultPunks team has committed to utilizing a portion of their raised funds upon sellout to burn SHIB tokens. In addition to this, they have also dedicated 1% of their funds to the ShytoshiKusama’s fund, which aims to empower women in blockchain, and 2% to the buyback and burn of CULT tokens. The CultPunks is a set of 10,000 exclusive and randomly produced NFTs that were launched through a partnership with Soupsea, an NFT marketplace on Modulus. These NFTs were created on April 15th, 2023, and have become increasingly popular among NFT enthusiasts. Despite the increase in the burn rate, the SHIB token price continues to struggle, and the cryptocurrency remains in the red. This is a significant contrast to the price rally the token experienced a few weeks ago. Related Reading: Here’s What PEPE And SHIB Have In Common, But Can It Catch Up To Shiba Inu? Price Action: Shiba Inu Downtrend The SHIB token price has been in a downtrend in the past few days. With the meme coin struggling to hold above key support levels. SHIB is currently trading at $0.00000996, down 12.8% over the past two weeks. The token has a market capitalization of $5.8 billion, making it the 16th largest cryptocurrency by market cap. The downtrend in the SHIB token price can be attributed to the overall bearish sentiment in the cryptocurrency market. Bitcoin, the leading cryptocurrency by market cap, has been in a downtrend, which has negatively impacted the prices of other cryptocurrencies, including SHIB. Furthermore, the recent increase in the SHIB burn rate is yet to have a significant impact on the token price. However, with more significant tokens being burnt over time, SHIB’s price could get impacted hugely and record new highs in the long run. Featured image from Unsplash, Chart from TradingView
