Shiba Inu’s burn rate recently saw a significant jump. After a slow start to the week, the burn rate spiked by 33% in just 24 hours. This is according to data from Shibburn.com. But what does this actually mean?
A Small but Noticeable Burn
Over the past day, a total of 18,684,231 SHIB tokens were sent to a burn address, permanently removing them from circulation. This was spread across four transactions, the largest of which burned 16,035,545 SHIB. While not record-breaking, this increase is notable given the recent slowdown in burning activity.
The Bigger Picture: Market Sentiment and Tokenomics
The recent surge in burning follows a period of low activity, likely influenced by the overall sluggish cryptocurrency market and a dip in SHIB’s price. It’s unclear whether this is a temporary spike or a sign of things to come.
Even with the 33% increase, the burn rate is still tiny compared to Shiba Inu’s massive total supply (over 500 trillion tokens). This means the current burn rate alone won’t significantly impact the token’s overall supply. Sustained and much larger burns would be needed for a meaningful change.
Price Action and Predictions
Despite the relatively small burn, SHIB’s price has been hovering around $0.0000125 to $0.000013. Some analysts are optimistic, pointing to a bullish chart pattern (an ascending triangle) suggesting a potential price increase. They believe SHIB could bounce off its current support level and break through resistance, leading to a bullish momentum shift. A consistently higher burn rate could add to this positive sentiment.
Currently, SHIB is trading at around $0.00001272, down slightly (1%) over the past 24 hours. Trading volume is also down by about 14.5%.
