<ul>
 <li>Over half a billion SHIB has been burned in the last week.</li>
 <li>SHIB has risen by almost 10% in the last 24 hours.</li>
</ul>
<a href="https://eng.ambcrypto.com/search/shiba+inu" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="internal">Shiba Inu [SHIB]</a> recently experienced one of the highest burn rates in recent memory. According to a tweet by <a href="https://twitter.com/shibburn/status/1731448274786070529" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="external">Shibburn</a>, over the past 24 hours, SHIB’s burn rate skyrocketed by 3158.8%, caused by the burn of nearly 20 million SHIB tokens.&nbsp;
Furthermore, over the past week, the meme coin’s burn rate experienced a remarkable 900% surge, as more than 520 million tokens were burnt. 
These statistics mark one of the highest burn rates witnessed recently, significantly contributing to the overall volume of tokens burned.&nbsp;
However, recent data indicated a decline in the burn rate. According to <a href="https://twitter.com/shibburn/status/1731599268241109045" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="external">Shibburn</a>, there had been a reduction of over 99% in the burn rate at the time of this update. Additionally, the total number of burns at this time was less than 200,000.
<h4>Possible reasons for SHIB’s burn?</h4>
The surge in <a href="https://eng.ambcrypto.com/shiba-inu-presents-a-buy-signal-for-swing-traders-but-should-you-take-it/" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="internal">Shiba Inu’s</a> burn rate was likely influenced by various factors, with an elevated trade volume being a significant contributor. 
According to AMBCrypto’s analysis of Santiment’s volume chart, there was a notable upswing in SHIB’s trading activity. 
Notably, around the 1st of December, the volume spiked to surpass $300 million, followed by a rapid decline to approximately $100 million before surging again to exceed $380 million. 
As of the latest update, the volume has surpassed $546 million.&nbsp;
<div id="attachment_80886" style="width: 100%" class="wp-caption aligncenter"><a href="https://engamb.sfo2.digitaloceanspaces.com/wp-content/uploads/2023/12/04150213/SHIBA-INU-SHIB-10.23.43-04-Dec-2023-scaled.jpg" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow"><img aria-describedby="caption-attachment-80886" loading="lazy" class="size-full wp-image-80886" src="https://engamb.sfo2.digitaloceanspaces.com/wp-content/uploads/2023/12/04150213/SHIBA-INU-SHIB-10.23.43-04-Dec-2023-scaled.jpg" alt="Shiba Inu volume" width="2560" height="867" srcset="https://engamb.sfo2.digitaloceanspaces.com/wp-content/uploads/2023/12/04150213/SHIBA-INU-SHIB-10.23.43-04-Dec-2023-scaled.jpg 2560w, https://engamb.sfo2.digitaloceanspaces.com/wp-content/uploads/2023/12/04150213/SHIBA-INU-SHIB-10.23.43-04-Dec-2023-300x102.jpg 300w, https://engamb.sfo2.digitaloceanspaces.com/wp-content/uploads/2023/12/04150213/SHIBA-INU-SHIB-10.23.43-04-Dec-2023-1024x347.jpg 1024w, https://engamb.sfo2.digitaloceanspaces.com/wp-content/uploads/2023/12/04150213/SHIBA-INU-SHIB-10.23.43-04-Dec-2023-768x260.jpg 768w, https://engamb.sfo2.digitaloceanspaces.com/wp-content/uploads/2023/12/04150213/SHIBA-INU-SHIB-10.23.43-04-Dec-2023-1536x520.jpg 1536w, https://engamb.sfo2.digitaloceanspaces.com/wp-content/uploads/2023/12/04150213/SHIBA-INU-SHIB-10.23.43-04-Dec-2023-2048x693.jpg 2048w" sizes="(max-width: 2560px) 100vw, 2560px"></a>
 Source: Santiment
</div>
Additionally, data by <a href="https://coinmarketcap.com/currencies/shiba-inu/" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="external">CoinMarketCap</a> indicated a staggering 300% increase in volume over the last 24 hours. 
While the heightened trade volume could account for the rise in the burn rate, it prompted the question of whether price played a role in driving this increased trading activity.
<h4>Shiba Inu price uptrend intensifies</h4>
AMBCrypto found confirmation of Shiba Inu’s recent trade volume in the daily price trend. Over the past five days, <a href="https://eng.ambcrypto.com/shiba-inu-struggles-amid-market-surge-but-how-did-bone-fare/" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="internal">SHIB</a> has consistently gained value, with the last 24 hours contributing to a notable 10% increase.
 Specifically, as of the close of trade on the 3rd of December, SHIB had risen by over 5.8%. Also, as of this writing, there was an additional increase of over 3.7%. 
This upward trajectory in price has led to a more than 9% growth in market capitalization.
<div id="attachment_80888" style="width: 100%" class="wp-caption aligncenter"><a href="https://engamb.sfo2.digitaloceanspaces.com/wp-content/uploads/2023/12/04150414/SHIBUSD_2023-12-04_10-06-54.png" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow"><img aria-describedby="caption-attachment-80888" loading="lazy" class="size-full wp-image-80888" src="https://engamb.sfo2.digitaloceanspaces.com/wp-content/uploads/2023/12/04150414/SHIBUSD_2023-12-04_10-06-54.png" alt="SHIB/USD price trend" width="1793" height="752" srcset="https://engamb.sfo2.digitaloceanspaces.com/wp-content/uploads/2023/12/04150414/SHIBUSD_2023-12-04_10-06-54.png 1793w, https://engamb.sfo2.digitaloceanspaces.com/wp-content/uploads/2023/12/04150414/SHIBUSD_2023-12-04_10-06-54-300x126.png 300w, https://engamb.sfo2.digitaloceanspaces.com/wp-content/uploads/2023/12/04150414/SHIBUSD_2023-12-04_10-06-54-1024x429.png 1024w, https://engamb.sfo2.digitaloceanspaces.com/wp-content/uploads/2023/12/04150414/SHIBUSD_2023-12-04_10-06-54-768x322.png 768w, https://engamb.sfo2.digitaloceanspaces.com/wp-content/uploads/2023/12/04150414/SHIBUSD_2023-12-04_10-06-54-1536x644.png 1536w" sizes="(max-width: 1793px) 100vw, 1793px"></a>
 Source: TradingView
</div>
How much are <a href="https://ambcrypto.com/convert/1-shib-to-usd" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="internal">1,10,100 SHIBs worth today</a>?
Also, an occurrence of a golden cross (yellow line crossing over the blue line) could be seen on the chart. This was indicative of a strong and positive price trend. 
The concurrent rise in both volume and price explained the increase in the burn rate. Furthermore, it suggested the potential for a sustained increase in the burn rate if the current trends of price and volume persist.
The post <a rel="noopener noreferrer nofollow" href="https://eng.ambcrypto.com/shib-fires-up-the-furnace-burn-rate-crosses-3000/" data-wpel-link="internal" target="_self">SHIB fires up the furnace: Burn rate crosses 3000%</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://eng.ambcrypto.com" data-wpel-link="internal" target="_self">AMBCrypto</a>.

SHIB fires up the furnace: Burn rate crosses 3000%

AMBCrypto

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