Shiba Inu Burn Rate Defies Price Drop With 219% Spike: Details

Shiba Inu (SHIB) has seen a remarkable increase in its token burn rate, despite a decline in its price. According to Shibburn, Shiba Inu’s burn rate spiked by 219.78% in the last 24 hours, with the price recording a drop within the said time frame.

In the past 24 hours, a total of 15,573,546 SHIB tokens were burned in nine transactions. Meanwhile, the SHIB price has declined 1.12% in the last 24 hours to trade at $0.00000888.

The past month of January saw billions of SHIB tokens burned. According to Shibburn, 9,937,949,070 SHIB tokens were burned in January through 269 transactions. This amounted to $88,567, with the monthly burn rate up 61.57%.

In the past 24 hours, there have been a total of 15,573,546 $SHIB tokens burned and 9 transactions. Visit https://t.co/t0eRMnyZel to view the overall total of #SHIB tokens burned, circulating supply, and more. pic.twitter.com/zN8gNeINGi

— Shibburn (@shibburn) February 1, 2024

The increase in Shiba Inu’s burns remains a positive sign, but it might not be enough to offset the price drop that SHIB has experienced in the past month; SHIB had finished January down 13.54%.

Shiba Inu’s price has been on a downward trend since Dec. 17, 2023, when it reached a high of $0.00001194. The current declines were induced by general market selling, which caused SHIB to lose the $0.00001 support and consequently add a zero to its price.

Positivity looms

According to crypto analyst Ali, the TD Sequential indicator, which has proven remarkably precise in predicting Shiba Inu price movements, has flashed a buy signal.

This could imply that despite the price drop, SHIB might be gearing up for an upswing. Ali urges traders to keep an eye out, as SHIB could climb to $0.010 or potentially even reach $0.011.

Lucie, a Shib team member, also expresses positivity about the Shiba Inu ecosystem, revealing the details of a meeting with Shiba Inu lead, Shytoshi Kusama: “After meeting with Shytoshi Kusama, I can’t reveal much, but I can say one thing: The goal is to have everything finished by the end of this year. The whole vision should be completed by 2024/2025. It’s not a promise, but that’s the goal.”

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