Why Did Shiba Inu's 2,713% Burn Rate Spike Fail to Move the Price?

Shiba Inu has experienced a significant surge in burn rate, increasing by 2,713% in the last 24 ￰0￱ from Shibburn, the protocol's official burn tracker, confirms the ￰1￱ Inu burned 4,764,442 tokens during this ￰2￱ with such a large reduction in supply, the price trend of SHIB remains ￰3￱ token is trading at 0.00001004 at the time of writing, indicating a 3.74% increase in the last 24 ￰4￱ observers were hoping for a stronger price reaction to the burn ￰5￱ to Shibburn data , the current circulation stands at 585,223,355,575,185 ￰6￱ rest of the supply is decreasing as the burn mechanisms are going on in the network. Community-driven burns and transaction fees contribute to the ongoing reduction of the circulating ￰7￱ burn mechanism permanently removes tokens from ￰8￱ creates the pressure of supply, which in most cases favors the rise in price.

Nevertheless, the burn has not been translated into instant price movement as per the contemporary market ￰9￱ Burns Show Sustained Activity The seven-day burn total reached 50,786,799 ￰10￱ a long run period of high burn activity shows a consistent attempt at trying to lower ￰11￱ its launch, the Shiba Inu ecosystem has destroyed 410,752,702,962,590 ￰12￱ Inu Supply,