Shiba

Burn

2024

Prospective

Shiba Inu

<figure>
 <figcaption>
 Cover image via <a href="https://u.today/" rel="noopener noreferrer nofollow">U.Today</a>
 </figcaption>
</figure>
Shiba Inu (SHIB) is experiencing an unprecedented volatility spike in its burn rate, according to an observation of the data from Shibburn over the past six hours. While the&nbsp;<a href="https://twitter.com/shibburn/status/1754731919059693941" rel="noopener noreferrer nofollow">burn rate spiked</a> as high as 282% before writing,&nbsp;<a href="https://u.today/shiba-inu-shib-sees-150-burn-rate-surge-amid-price-uncertainty" rel="noopener noreferrer nofollow">this growth rate remains unstable</a>, showing a shifting stance in the responsiveness of the contributors to the token burn.
According to data from Shibburn, the total number of tokens incinerated over the past 24 hours has topped 6,643,089 tokens, with the burning taking place across seven transactions. Per the Shibburn data, the biggest of these transactions featured one that was almost 3.5 million, and another 2.5 million respectively. Worth noting is that these tokens are voluntarily burned by members of the community.
<blockquote>
 In the past 24 hours, there have been a total of 6,643,089 <a href="https://twitter.com/search?q=%24SHIB&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$SHIB</a> tokens burned and 7 transactions. Visit <a href="https://t.co/t0eRMnyZel" rel="noopener noreferrer nofollow">https://t.co/t0eRMnyZel</a> to view the overall total of <a href="https://twitter.com/hashtag/SHIB?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#SHIB</a> tokens burned, circulating supply, and more. <a href="https://t.co/2ZfruZazNO" rel="noopener noreferrer nofollow">pic.twitter.com/2ZfruZazNO</a>— Shibburn (@shibburn) <a href="https://twitter.com/shibburn/status/1754731919059693941?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">February 6, 2024</a>
</blockquote>
According to the Shiba Inu outlook, this recovery in burn rate is not impacting the ecosystem enough to&nbsp;<a href="https://u.today/shiba-inu-burn-rate-defies-price-drop-with-219-spike-details" rel="noopener noreferrer nofollow">warrant a remarkable twist in the price</a> of the token.
At the time of writing, Shiba Inu is changing hands for $0.000008897, down by 0.88% in 24 hours. The bearish outlook of Shiba Inu started this month, and expectations that its burn rate might recover are dampening, considering how much of a negative turn the burn rate has taken.
<h2 id="prospective-turnaround-for-shiba-inu">Prospective turnaround for Shiba Inu</h2>
Shiba Inu is in desperate need of a turnaround, seeing as the price is already eyeing a slide toward a major support level at $0.0000085. If this level fails to sustain, it might trigger a massive fallout for the token, a trend that will not be good for the price.
Several catalysts are working together to help secure the legacies of the SHIB price and return it to the $0.000009 price range, where it has found the most elongated security in recent times after&nbsp;<a href="https://u.today/shiba-inu-shib-erases-another-zero" rel="noopener noreferrer nofollow">surging past the $0.00001 level</a> on more than one occasion in the past few months.

Shiba Inu (SHIB) Burn Rate Jumps 282%, But Don't Celebrate Yet

Table of Contents

U_Today

Other articles published on Feb 6, 2024

Polygon (MATIC) Price Stalls at $0.8 for 2 Months While New Rival Cryptocurrency Skyrockets by 333%

Heroes of Mavia Surpasses 1 Million Downloads, Dominates Global App Store Rankings Before Token L...

Bitcoin Exchange Binance Announces It Will Support Network Upgrade and Hard Fork of This Altcoin!

HONK Meme Coin Takes Off in Crypto Trading Arenas

Grayscale CEO Michael Sonnenshein Urges US Regulators to Greenlight Options for Spot Bitcoin ETF

Why Solana’s SOL Price is Poised to Reach $200 in Q1 2024?

Join our free newsletter for daily crypto updates!