Bitrabo Editorial
In the recent 24 hours, the Shiba Inu burn rate has experienced a remarkable spike of 5,569%, continuing a positive trend observed in the past week. This surge in the burn rate coincides with a challenging phase in the crypto market where the price of SHIB has considerably dropped, prompting speculation on the driving force behind the sudden increase in the burn rate.
Remarkable Surge in Shiba Inu Burn Rate by 5,549%
The sudden increase in the Shiba Inu burn rate has rejuvenated investor sentiment at an opportune moment. Data sourced from the Shiba Inu burn tracking platform Shibburn reveals that nearly 12 million SHIB tokens were burned in the last 24 hours, marking a significant surge of 5,549% compared to previous day figures.
Notably, this spike is not the most substantial observed in the meme coin’s burn rate for the week. Analyzing the data from Monday on the burn tracker, a substantial spike of 202,974% was recorded within a day as investors shifted over 12 million tokens to the burn address during the 24-hour window.
Only six transactions have been documented for the burns executed, with a predominant contribution from a single wallet denoted as “0x60812..39fe80”, accounting for more than 90% of the total burns by sending around 10.1 million coins in two separate transactions to the burn wallet.
The surge in the 24-hour burn rate throughout the week has additionally led to a notable increase in the weekly burn rate. Shibburn’s data exhibits that over the span of 7 days, slightly over 402.7 million tokens have been burned, signifying a 1,098.7% surge in the burn rate over a week.
Increase in SHIB Burns Despite Price Decline
Typically, increments in Shiba Inu burn rates historically align with positive investor sentiment when stakeholders are inclined to transfer coins to the burn address to exert upward pressure on the price. However, the recent spikes in the burn rate coincide with a period of falling token prices.
Data from CoinMarketCap illustrates that the Shiba Inu price has undergone a 9.18% decline in the past day alone, in stark contrast to the 5,549% surge in the burn rate. Furthermore, the meme coin’s price has plummeted by approximately 18% on the weekly chart, while the burn rate has soared by 1,098%.
Despite the price drop, the SHIB daily trading volume has escalated by 128% to $594 million. However, the falling prices indicate that this increase in volume stems primarily from sellers rather than buyers.