The burn rate of the meme cryptocurrency, Shiba Inu (CRYPTO: SHIB), has surged by a whopping 515.33%. This data comes from the widely used transaction tracker Shibburn.
What Happened: The Shibburn data shows there has been a significant rise in SHIB transfers to dead-end wallets. The SHIB community has been actively participating in this activity, resulting in a substantial daily burn rate increase. Despite these efforts, the SHIB price has been unable to surpass the resistance at $0.00002888.
The data also shows that the SHIB burn rate experienced a dramatic increase of 572.29% overnight, with 72,847,617 SHIB being locked in unspendable wallets. The largest single transfer involved 70,605,175 SHIB coins, which occurred approximately an hour ago.
However, the burn rate over the past week has not been as encouraging. A recent post on X from Shibburn reveals that in the last seven days, the community has sent 94,189,104 SHIB to zero wallets.
Despite the SHIB developer team’s claims of transferring around 400,000,000 Shiba Inu to unspendable blockchain addresses every month, the price of the meme cryptocurrency has not shown any significant increase in response to these efforts.
Also Read: Shiba Inu’s 208% Surge This Year Sparks Predictions Of Top 10 Crypto Ranking In 2025
Why It Matters: The burn rate of a cryptocurrency is a crucial factor that can influence its price. By sending coins to unspendable wallets, the circulating supply of the cryptocurrency is reduced, which can potentially drive up the price due to increased scarcity.
However, in the case of Shiba Inu, despite a significant increase in the burn rate, the price has not shown a corresponding rise. This could be attributed to a variety of factors, including market dynamics and investor sentiment, which are not always directly linked to the burn rate.
This situation underscores the complexity of the cryptocurrency market and the multitude of factors that can influence price movements.
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