The Surge in Shiba Inu Burn Rate
The burn rate of the Shiba Inu (SHIB) token has spiked by 903% in a 24-hour period, according to data from the Shibburn website. This platform tracks the number of SHIB tokens sent to the burn wallet daily. The increase in burn rate can be attributed to various wallets sending thousands of tokens to the burn address. One particular transaction saw over 30.9 million SHIB tokens burned, accounting for around 90% of the total burns during that period. Other significant burns include one million tokens and more than 664,000 tokens sent to the burn address.
Impact on Price and Weekly Momentum
The surge in burn rate hasn’t had a significant impact on the negative momentum of SHIB on a weekly basis. Shibburn notes that the burn rate over the past seven days has decreased by 78.47% compared to the previous week’s figures. However, coinciding with the rise in burn rate, the price of SHIB has seen an upward trend. This is noteworthy as there hasn’t been a strong correlation between burn rate and price movement in recent months.
Potential for Price Rally and External Factors
If the correlation between burn rate and price continues, it could be positive news for SHIB holders. The increasing burn rate indicates investors’ willingness to reduce the circulating supply of SHIB tokens. However, it’s important to consider that altcoins often follow Bitcoin’s price trend, which could hinder price recovery if BTC’s value were to decline.
Current SHIB Price
As of now, SHIB is trading at $0.000009433, showing a 4.7% increase in the last day but a 13.54% decrease in the last week, according to CoinMarketCap data.
Hot Take: Shiba Inu Burn Rate Surges, but Price Recovery Remains Uncertain
The recent surge in the burn rate of Shiba Inu tokens has caught the attention of investors. With a significant increase in the number of tokens being sent to the burn address, there is hope for a positive impact on the price of SHIB. However, it remains to be seen if this correlation will continue and if external factors, such as Bitcoin’s price trend, will influence SHIB’s recovery. Investors should closely monitor both the burn rate and market conditions to assess the potential for further price rallies in the future.
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