Shiba Inu Burn Rate Spikes 173,579% in 24 Hours but Its Price Has Nothing Much to Show for It

The Shiba Inu burn rate has spiked considerably in the past 24 hours, yet its price has remained almost redundant, failing to reflect this positive activity.

Shiba Inu burns recorded a massive spike from yesterday’s figures, as market proponents doubled down on efforts to reduce the memecoin’s large supply. After a meager burn rate on Thursday, data show a 173,579% spike in burn activity in the Shiba Inu ecosystem.

Key Points

• Shiba Inu burns have spiked considerably in the past 24 hours, yet its price has remained almost redundant, failing to reflect this positive activity.
• Data show a 173,579% spike in burn activity, with 838,872 SHIB tokens incinerated in the past 24 hours.
• On-chain data shows that these burns occurred in two transactions of 580,858 SHIB and 258,014 SHIB, but they came from the same address, “0xe9caf.”
• The burns took the total burnt SHIB tokens to 410,754,337,836,935, representing about 41% of the maximum supply of 999 trillion.
• Amid this bullish network activity, Shiba Inu did not react much.

SHIB Burn Rate Spikes

According to the burn tracker Shibburn, the SHIB burn rate has increased considerably in the past 24 hours. So far today, 838,872 SHIB tokens have been incinerated, an impressive 173,579% rise from just 483 tokens burnt yesterday.

On-chain data shows that these burns occurred in two transactions of 580,858 SHIB and 258,014 SHIB, but they came from the same address, “0xe9caf.” Further analysis shows that the wallet “monarkoshi.eth,” funded by Coinbase, initiated this transaction.

It moved the SHIB tokens to the “0xe9caf” address, which then sent them to the burn address. Notably, the two transactions occurred in the early hours of today, causing the spike.

The burns took the total burnt SHIB tokens to 410,754,337,836,935, which is about 41% of the maximum supply of 999 trillion. However, amid this bullish network activity, Shiba Inu did not react much.

Shiba Inu Burn RateShibburn## Shiba Inu Price Fails to Respond

Notably, the memecoin is up less than 1% in the past 24 hours. This missed the expectations of enthusiasts, who were hoping the staggering spike in burn rate would rekindle bullish momentum for Shiba Inu.

Meanwhile, the rebound was more of a reaction to a broader market rebound. With Bitcoin and major altcoins recovering slightly, SHIB followed their lead. Recall that the token grew by 2.3% yesterday due to this effect, recording its first green candlestick since the 12% rally on February 6.

Enthusiasts remain optimistic that SHIB will recover from the current dip to higher prices. One analyst sharing this view is Vuori Trading, which sees the current phase as a bear trap. His outlook predicts a 22x rally to unprecedented prices when the accumulation ends.

Dwindling Shiba Inu Volume Stalls Recovery

In the meantime, Shiba Inu trading volume continues to drop, signaling lower market activity involving the token. In the past 24 hours, spot and futures volume are down 9.6% to $24.3 million and 8% to $96.9 million, respectively

A look at the seven-day timeframe shows an even steeper drop. Specifically, spot volume has reduced 45.8% to $169.18 million, and futures volume is down 49% to $768.9 million. A turnaround in this would be crucial if SHIB is to recover further from here.