THE Shiba Inu Burn Rate saw a notable increase of 5,569% in the last 24 hours, continuing the positive trend that began last week. However, this increase in burn rate comes at a time when the crypto market is struggling and the price of SHIB has declined significantly. This raised questions about what might determine the burn rate.
Shiba Inu sees its burn rate increase by 5,549%
The peak in the Shiba Inu Burn Rate came at an opportune time and reignited positive investor sentiment. According to data According to burn tracking website Shiba Inu Shibburn, the total number of SHIB tokens burned in the last 24 hours is almost 12 million. This translated to an increase of 5,549% compared to the previous day’s figures.
Interestingly, this peak is far from the largest ever observed. the room itself saw its burn rate this week. Looking at Monday’s data from the burn tracker, there was a major peak of 202.974% recorded in one day as investors moved over 12 million tokens to the burn address in a 24 hour period,
As for the transactions that completed the burns, only six transactions were recorded on the last day as of this writing. The major burns came from a single wallet identified as “0x60812..39fe80”. This website completed over 90% of the total burns after sending approximately 10.1 million coins in two separate transactions to the burn wallet.
Peaks in 24 hours combustion rate this week also contributed to a significant increase in the weekly burn rate. Data from Shibburn shows that over the course of a 7-day period, just over 402.7 million tokens were incinerated. This translates to a 1,098.7% increase in burn rate in one week.
SHIB Burns Spike Despite Price Drop
Usually, peaks Shiba Inu Burn Rate occurred at times of positive sentiment when investors are more willing to send coins to the burn address in an attempt to continue driving the price higher. However, this time around, the burn rate spikes occurred at a time when the price of the token was falling.
As data from CoinMarketCap watch, Shiba Inu price is down 9.18% in the last day alone. This is in stark contrast to the 5,549% increase in burn rate. Similarly, on the weekly chart, the price of the same part collapsed by about 18%, while the burn rate jumped by 1,098%.
However, during this period, SHIB’s daily trading volume jumped 128% to $594 million. However, with prices falling, this suggests that this volume is coming from sellers rather than buyers.
Featured image created with Dall.E, chart from Tradingview.com
