20M SHIB Burned as Price Plunges 15.78% Amid Crypto Market Volatility

Shibburn, a leading on-chain data tracker for Shiba Inu (SHIB), reported a massive burn transaction that removed 20 million SHIB from circulation. This transaction, carried out by an anonymous whale, contributed to today’s total burn of 20,794,281 SHIB, marking a 34.24% increase in the daily burn rate. Over the past week, the SHIB community has incinerated 122,135,883 SHIB, pushing the overall burned supply to 410.74 trillion tokens.

Despite aggressive burns, SHIB’s price has dropped 15.78% in the past 24 hours, falling to $0.00001286 after losing the $0.00001517 level. This decline follows an 11.24% surge triggered by the U.S. President’s approval of the Strategic Crypto Reserve, which is set to include Bitcoin (BTC), Ethereum (ETH), Cardano (ADA), XRP, and Solana (SOL).

Bitcoin initially soared over 10% on the news, briefly hitting $94,240 before plunging 12.18% to $82,760. The leading cryptocurrency has since recovered slightly, trading at $84,830. The broader crypto market has mirrored BTC’s volatility, affecting SHIB and other major altcoins.

SHIB’s ongoing burns aim to reduce supply and drive long-term value, yet its price remains susceptible to broader market trends. Traders and investors continue to monitor SHIB’s movements as market fluctuations persist.