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Shiba Inu SHIB burn Small

Shiba Inu Starts Off Strong With An Explosive 233% In SHIB Burn Rate

Scott Matherson by Scott Matherson
1 month ago
in Shiba Inu
Reading Time: 3 mins read

The Shiba Inu ecosystem has started out the new week on a particularly positive note. The burn rate, which is a community initiative to reduce the massive supply of the token, has seen a significant jump as the price of the meme coin has recovered.

SHIB Burn Rises 233%

A Monday report by Shiba Inu burn tracking website Shibburn showed that the SHIB burn rate has seen an impressive 233% climb. This puts a turn on the particularly slow weekend which saw burn rates decline rapidly.

Related Reading: By The Numbers: Bitcoin Hashrate Poised To Complete 100% Growth In 2023

As the new trading week opens up, the total SHIB tokens burned during this time has crossed 56.98 million. This was the result of tokens being sent to the burn address across 29 addresses, with more than 3.7 million tokens sent to the burn address in the last hour as of the time of this writing.

Shiba Inu SHIB burn rate

Burn rate spikes 233% | Source: Shibburn

The token burn also led to an increase in the burn rate for the last week as well. Monday’s burn figures saw the weekly burn total rise above 316.7 million. This is a 26% increase in the burn rate compared to the previous seven days.

Some of the largest burns came from the ‘0x909a9’ and ‘0x4be2’ addresses. Both addresses burned a total of 7,119,784 million and 8,095,490 million tokens respectively. The total comes out to over 15 million tokens, accounting for around 27% of the total burns for the day.

Shiba Inu price chart from Tradingview.com (SHIB burn rate)

SHIB price holding $0.0000071 | Source: SHIBUSD on Tradingview.com

Shiba Inu Sees Price Recovery

On Sunday, the price of Bitcoin surged toward the $28,000 level, and in response, the rest of the crypto market followed the flagship cryptocurrency. Shiba Inu was no different and finally saw a reversal in its bull stretch since the month began.

Shiba Inu rose around 1.24% in the 24-hour period and although this is not as impressive as some of the recoveries mounted by other assets, it has helped the cryptocurrency to secure its support at $0.000007. This gives bulls some wiggle room as they regain their bearings in the market.

Related Reading: How Ripple’s Rumored Token Burn Could Affect The XRP Price

However, Shiba Inu is still seeing small losses of 0.59% on the weekly chart. This suggests that the bulls’ hold on the asset is weak and bears could regain control if momentum slips. This battle for control is mirrored by the daily trading volume of the crypto which is up 25.85% and sitting at $101.7 million, according to data from CoinMarketCap.

So far, there doesn’t seem to be any special event pushing the price of SHIB besides the Bitcoin recovery. Given this, if the Bitcoin rally ends, then SHIB will most likely follow and fall into losses again.

Featured image from U.Today, chart from Tradingview.com
Tags: SHIBShib BurnSHIB burn rateSHIB newsSHIB priceSHIB tokenShiba InuShiba Inu burnShiba Inu newsSHIBUSDSHIBUSDT
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Scott Matherson

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.

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