Shiba Inu Burn Rate Sees Major 600% Jump In Only 24 Hours, Will SHIB Price Follow Suit?

Scott Matherson

5 months ago

4 mins read

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On-chain data has unveiled an impressive surge in the Shiba Inu burn rate, skyrocketing by more than 600% in just one day. This sharp rise in token burns indicates a growing interest in decreasing the overall supply of SHIB. Moreover, it has raised the possibility that the SHIB price could follow suit, as increased token burn often influences a cryptocurrency’s price movements.

Shiba Inu Burn Rate Skyrockets Over 600%

Shibburn, the official Shiba Inu token burn tracker, has just reported a dramatic increase in burn rate, with over 3.24 million SHIB tokens permanently removed from circulation. The tracking platform revealed that the SHIB token burn rate shot up by approximately 612.78% in less than 24 hours. This spike represents one of the most significant one-day increases in recent weeks.

Typically, a surge in a token’s burn rate is largely attributed to community-led initiatives focused on reducing the cryptocurrency’s supply and potentially inducing scarcity. Considering the large size and strong dedication of the Shiba Inu community, it’s not uncommon to see occasional spikes in burn rates. The community has been a strong advocate for token burns, believing that a supply reduction could trigger a price surge for SHIB.

Despite the latest burn and substantial decrease in SHIB’s circulating supply, the meme coin’s price has yet to demonstrate any significant upward movement. In fact, Shiba Inu appears to be on a downtrend, as CoinMarketCap reports a 1.6% decline in the last 24 hours and a previous 9.3% drop over the past week.

Currently, the price of SHIB is trading at $0.00002, experiencing no recent increases, while its 24-hour trading volume has crashed by 46.33%. Nevertheless, this lack of immediate price action and present bearish conditions does not rule out the potential for a future rally in Shiba Inu.

Supporting this possibility of a bull trend driven by heightened token burns, crypto analyst Rananjay Singh commented on the recent 612% spike in the Shiba Inu burn rate on X (formerly Twitter). Singh explained that when a cryptocurrency’s supply declines and demand stays strong, prices tend to increase significantly.

The analyst suggests that increased token burns, upcoming updates in the Shiba Inu ecosystem, and the growing excitement among community members could potentially trigger substantial gains for the meme coin in 2025.

What’s Next For The SHIB Price?

‘Shib Spain,’ a popular SHIB supporter on X, has predicted that a massive pump could be on the horizon for the meme coin. The analyst connects Ethereum’s price action with Shiba Inu’s, sharing a detailed chart that showed instances when ETH experienced a price reversal and underwent a significant rally.

Although the meme coin was not indicated on the chart, the analyst’s mention likely ties his projected SHIB price pump to an increase in ETH. This suggests that if Ethereum experiences a price surge, altcoins like Shiba Inu could follow suit, potentially sparking a significant uptrend.

Featured image from Unsplash, chart from Tradingview.com

Scott Matherson

Scott Matherson is a prominent crypto writer at NewsBTC with a knack for capturing the pulse of the market, covering pivotal shifts, technological advancements, and regulatory changes with precision. Having witnessed the evolving landscape of the crypto world firsthand, Scott is able to dissect complex crypto topics and present them in an accessible and engaging manner. Scott's dedication to clarity and accuracy has made him an indispensable asset, helping to demystify the complex world of cryptocurrency for countless readers.

Scott’s experience spans a number of industries outside of crypto including banking and investment. He has brought his vast experience from these industries into crypto, which allows him to understand even the most complex topics and break them down in a way that is easy for readers from all works of life to understand. Scott’s pieces have helped to break down cryptocurrency processes and how they work, as well as the underlying groundbreaking technology that makes them so important to everyday life.

With years of experience in the crypto market, Scott began to focus on his true passion: writing. During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others.

Scott’s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott’s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry.

Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors.
In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else.

Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies.

Scott stands steady in the frontlines of the crypto revolution and is committed to helping to shape a future that promotes the development of technology in an ethical manner that translates to the benefit of all in the society.

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