SHIB burns 38 million tokens in a day, yet still can't stop a 10% crash? Is the faith of the retail investors burning?
The SHIB community has really been fighting hard these days. Nearly 38 million tokens were burned in one day, with the burn rate skyrocketing by 22,662%, and large destruction transactions continuously being added to the blockchain. But what’s the result? The SHIB price still plummeted nearly 10% within 24 hours, dropping from 0.00001586 all the way to 0.00001438, completely following the pattern of Bitcoin's plunge.
On-chain data shows that as of now, the total amount of SHIB burned has exceeded 410 trillion tokens, which looks frightening, but the reality is that there are still nearly 585 trillion in circulation. No matter how aggressively we burn, the supply pressure remains heavy.
Even if Shibarium can burn 1 billion tokens every week, it is just a drop in the bucket compared to the massive supply.
