SHIB price struggles despite escalating number of addresses

The Shiba Inu token (SHIB) has achieved a noteworthy feat after exceeding 3.7 million addresses.

According to information provided by Glassnode, the total number of unique addresses that have ever appeared in a SHIB transaction has risen to about 3.74 million.

Source: GlassnodeData from CoinMarketCap painted a more concise picture, revealing that out of the 3.74 million addresses, about 1.23 million contained tokens worth less than $1,000.

In comparison, 98,200 addresses held tokens between $1,000 and $100,000. Per the data, less than 2,000 addresses held tokens surpassing $100,000.

SHIB burn rate surges over 2,000%

In another development, the meme coin’s burn rate shot up by an impressive 2,068.92% in the last day, leading to the removal of more than 53.5 million tokens from circulation

This spike in burning activities is part of a broader initiative by the Shiba Inu team to introduce automated SHIB burns, initially publicized in a blog post in early December 2023

In a now-deleted post on X that was captured by a Shiba Inu-themed account @ShibBPP, Shibarium team member RagnarShib.eth hinted that the meme coin project was ready to incinerate as many as 9.25 trillion Shiba Inu tokens this month.

This substantial burn is anticipated to come from the $1 million worth of BONE reported by the team in late 2023, equating to 101,522,842,639 SHIB tokens.

Over 36 billion of these tokens have already been moved to non-recoverable blockchain addresses in four transactions, each carrying more than 8.5 billion SHIB.

In light of the recent surge in the burn rate and transition towards automated burns, Shiba Inu’s efforts to enhance the utility of the token and address inflation concerns are evident.

SHIB price fails to get momentum

However, despite the escalating number of addresses and the significant burn rate, SHIB’s price has continued to struggle to gain traction.

The token is currently valued at $0.000009499, showing a decrease of 1.81% over the past 24 hours and a 9.7% decline over the week. SHIB prices did not fare any better in the last month or fortnight, falling 5.3% and 12.7%, respectively.

Data from Santiment has also revealed a steady decrease in SHIB’s exchange supply over the past 30 days, indicating an increasing propensity among investors to collect and retain SHIB.