Shiba Inu Burn Rate Sees a Massive Surge Amid Market Volatility
The Shiba Inu burn rate has experienced a remarkable upturn, soaring by an impressive 1,068% even as the meme coin’s market value faces a downward trend. This unexpected recovery in the burn rate contradicts the prevailing bearish market conditions, hinting at a possible resurgence of investor interest. Consequently, there is speculation that SHIB could potentially rally and surpass the $0.00003 threshold.
A Closer Look at the 1,068% Increase in Shiba Inu Burn Rate
According to the latest insights from Shibburn, a staggering 51.76 million SHIB tokens have been incinerated in just the last 24 hours. This report underscores a robust and consistent burn rate, with millions of tokens being eliminated every hour.
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In a dramatic turnaround, the Shiba Inu burn rate has surged by 1,068% over a brief period, marking a substantial decrease in the token’s circulating supply. Although recent trends suggest a resurgence, the burn rate had previously plummeted by 90%, with only 413,000 SHIB tokens burned compared to a remarkable 250 million tokens the week before.
This decline in the burn rate was mirrored by a drop in the coin’s price, as Shiba Inu, the popular dog-themed meme coin, underwent a significant price correction shortly after surpassing the $0.00003 mark. Additionally, data from Santiment indicates a decrease of over 3% in Shiba Inu’s Market Value to Realized Value (MVRV), suggesting that SHIB holders may have faced losses recently.
Further compounding the issue is a notable decrease in daily active addresses on the Shiba Inu network, dwindling from 6.26 billion on December 2 to just 3.15 billion currently. These weakening indicators suggest that Shiba Inu may be poised for another price adjustment.
Nonetheless, the recent revival in the burn rate has sparked hopes for a price rebound. Token burns are known to enhance an asset’s long-term price stability by reducing its available supply. With Shiba Inu’s total supply still standing at 589.5 trillion, consistent burning practices are crucial for increasing scarcity, which could fuel demand and potentially trigger a SHIB price surge.
Resilience of Shiba Inu Price Amid Bearish Trends
According to CoinMarketCap, the Shiba Inu price has dropped by 12% over the past 24 hours, reaching $0.000026. This bearish performance highlights a notable shift in market sentiment, as investor demand for SHIB appears to be waning.
Despite this downturn, Shiba Inu has demonstrated resilience by maintaining its price above the $0.000025 level. Renowned analyst Bluntz, sharing insights on X (formerly known as Twitter), has highlighted Shiba Inu’s potential, describing the meme coin as exceptionally strong despite prevailing market conditions.
Bluntz believes Shiba Inu remains in a solid uptrend, albeit a controlled one, with no immediate parabolic breakout expected. Considering its recent surge in burn rate and strong underlying fundamentals, Shiba Inu might once again reach the $0.00003 mark.
