This is one of the busiest days for the token's burning machine in a relatively long time, with a substantial volume of Shiba Inu tokens burned in the last 24 hours. Even millions of tokens burnt, though, might not have a major impact on the market value of Shiba Inu.
The market will no longer see simply a few hundred worth of meme tokens, which is obviously never going to have an impact on an asset with a $4.5 billion market valuation. Nearly 30 million Shiba Inu have been burned in the previous 24 hours.
Recently, it was reported that millions of SHIB were destroyed on that day, increasing the burning supply of Shiba Inus by 640%. However, even if we add up the total amount of tokens burned by users during the past week, we would only come up with about $10,000 worth of Shiba Inu tokens, which is precisely why there has been no impact on the price of the token.
The daily burning value of SHIB tokens must at least exceed a few billion in order to move Shiba Inu. Even in more favorable market circumstances, the token's position on the market won't alter because there are only a few million Shiba Inu that have been burned.
Shiba Inu is now quite oversold on the market, and a simple glance at the situation reveals that any type of influx could cause the token to rise higher. Unfortunately, meme currencies like Shiba Inu and Dogecoin perform poorly due to the current market conditions and the lack of investors willing to take chances.
