Shiba Inu's onchain monitoring platform revealed that the SHIB burn rate surged 618% in the last 24 hours, with 11.35 million tokens taken out of circulation. The volume is the highest recorded since July 27, when the network had the biggest burn of the year.
With the increase in activity, the total SHIB burned in the last month reached 3.35 billion tokens, equivalent to more than US$ 17 thousand at the current price. Despite the movement, the cryptocurrency's market value remains under pressure.
SHIB price continues to fall in August
Although the burn reduces the circulating supply and may stimulate demand, the SHIB price remains on a downward trajectory. This month, the asset is down 5.11% and trades at around US$ 0.0000044, still far from the levels seen after July's rally.
