THE Shiba Inu Burn Rate has seen a notable recovery over the past day as the number of tokens sent to the burn address has increased drastically. This recovery comes at a time when the cryptocurrency market has started to return to the green and digital assets such as Shiba Inu are rebounding from their lows.
Shiba Inu’s burn rate reaches 874%
The Shiba Inu’s burn rate has spiked to new weekly highs after a return of positive sentiment. In the last 24 hours alone, more than 8.7 million SHIB tokens were sent to the dead addresswhich resulted in an 874.74% increase in the burn rate.
For a more precise figure, 8,772,074 SHIB tokens were burned over the past day. This burn figure comes from a total of six wallets. However, the majority of the burns came from a single wallet on two transactions less than 12 hours ago at the time of writing.
The wallet identified as “0xa9d1e0” burned over 95% of the total burned, sending millions of tokens to the burned address. In the first transaction, the Shiba Inu address sent 5 million tokens to the burned wallet. A few minutes later, the same Shiba Inu address sent 3.44 million tokens to the burned address.
Other notable burn transactions include another 100,000 tokens burned by the above address, along with another Shiba Inu Address Burned 156,753 tokens in one go. Another address burned 52,519 tokens, while 9,093 tokens was the lowest burn rate.
SHIB Price Rebounds From Lows
Currently, the peak in Shiba Inu burn rate seems to be following the recovery in SHIB price. Over the past week, Shiba Inu price has increased by over 10% before falling back lower again. Nevertheless, the bulls remain in control as the price is holding the $0.000017 support very steadily.
Demand for the meme currency is also on the rise as daily trading volume has increased significantly. Data from Coinmarketcap shows that Shiba Inu Daily Transaction Volume is up 51% over the past day, bringing its volume to over $700 million over the 24-hour period.
If demand continues to increase from there, then the SHIB price The price could rally again. From there, a 20% move would push the price above $0.00002, turning this current resistance into support for the bulls. This could serve as a rebound point for further rallies.
At the time of writing, the price of SHIB stands at $0.00001749, with a decrease of 9.18% over the last day.
Featured image created with Dall.E, chart by Tradingview.com
