Shiba Inu (SHIB) Burn Rate Spikes By 7,911%, Providing a Bullish Outlook

Shiba Inu (SHIB) has witnessed a massive spike in its burn rate in the last 24 hours, providing a bullish outlook for the second-largest meme coin by market cap.

The second-largest meme coin by market cap, Shiba Inu (SHIB), has seen a massive spike in its burn rate. This development could be bullish for SHIB, especially considering its current price is still far from its all-time high (ATH) of $0.00008.

Data from Shibburn shows that the Shiba Inu burn rate spiked by 7,911% in the last 24 hours. During this period, a total of 281.9 million SHIB tokens were burned. One transaction was responsible for burning the majority of these tokens, as 277.5 million SHIB tokens were sent to a dead wallet. In another single transaction, an additional 7.2 million SHIB tokens were burned.

notably, the 281.9 million SHIB tokens burned in the last 24 hours also account for the majority of the tokens burned in the last seven days, with a total of 312.3 million SHIB tokens burned during this period. This marks a 1731% surge in the weekly Shiba Inu burn rate.

As token burns ultimately make the asset more valuable, the surge in the Shiba Inu burn rate could propel the SHIB price rally to $0.00008. Hence, as more tokens are burned, the SHIB price may continue to rise. However, it’s crucial to note the impact of sentiment in the broader crypto market on these token burns.

It has been observed that the Shiba Inu burn rate tends to surge significantly whenever the Bitcoin price rallies. This is attributed to the strong positive correlation between the SHIB price and the flagship crypto. As a result, whenever BTC flips bullish again, investors typically show interest in accumulating the meme coin.

This spike in transactions ultimately leads to the surge in the burn rate. In line with this, if the Bitcoin price maintains its bullish trend, the SHIB price will likely continue to exhibit a bullish outlook and be on track to reach $0.00008.

Shibarium’s Network Activity Still Lackluster

According to Shibariumscan data, the layer-2 network’s activity remains low, indicating a lack of interest among crypto users. Despite the hype surrounding its launch earlier this year, Shibarium’s daily transactions continue to be less than 10,000, far from the millions of daily transactions the network was recording towards the end of 2023 and the beginning of this year.

Shibarium’s decline is a point of concern for the Shiba Inu community, especially considering the network’s past contribution to token burns. If the layer-2 network manages to regain significant adoption, the daily Shiba Inu burn rate could be much higher than the current figures.

At the time of writing, the SHIB price is up nearly 2% in the last 24 hours and trades at around $0.000018, according to data from CoinMarketCap.

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