Shiba

Burn

Spike

Shiba Inu

Time

<p class="p2">The <a href="https://bitcoinist.com/shiba-inu-burn-rate-climbs-434/">Shiba Inu burn rate</a> has seen a notable spike over the last 24 hours, following significant burns from the community. This is a notable change from the prior week’s slow and disappointing burn rate, showing a return of bullish sentiment among investors.</p> 
<h2 class="p2" id="shiba-inu-burn-rate-spikes-3-275">Shiba Inu Burn Rate Spikes 3,275%</h2> 
<p class="p2">According to <a href="https://www.shibburn.com/" rel="nofollow noopener" target="_blank">data</a> from the Shiba Inu burn tracking website, Shibburn, there has been a 3,275% increase in the burn rate in the last day. The website shows that more than 232 million tokens have been burned in this time period, a stark increase from the 1.37 million tokens that was <a href="https://x.com/shibburn/status/1800558660386447570" rel="nofollow" target="_blank">burned</a> yesterday.</p> 
<p class="p2">Interestingly, while there have been a total of nine <a href="https://bitcoinist.com/shiba-inu-burn-rate-down-28/">burn transactions</a> recorded during this time, only one transaction made up the majority of the burned tokens for the day. The “<a href="https://etherscan.io/tx/0x0a1084cb24874ec09f7380e23bfdf8996acfba66b433c09d5cbe43b6f365b834" rel="nofollow noopener" target="_blank">0xd9a84f7</a>” address sent over 225.64 million SHIB tokens to the burn wallet.</p> 
<p class="p2">At the time of the transactions, the tokens burned by this wallet were worth approximately $5,000. This means that this address alone accounts for 97% of all of the tokens that were <a href="https://bitcoinist.com/shiba-inu-burn-rate-48554/">burned</a> in the 24-hour period, being the sole reason for the 3,275% spike in burn rate.</p> 
<p class="p2">The daily <a href="https://bitcoinist.com/shiba-inu-burn-rate-crashes-2/">burn rate</a> is not the only metric that has been positively impacted by this burn. As Shibburn reports, the burn has also pushed the <a href="https://bitcoinist.com/shiba-inu-burn-rate-91-crash/">weekly burn rate</a> to 265.86 million, a 560.94% increase from the prior week. This figure means that the “0xd9a84f7” wallet burn makes up 85% of the total weekly burn so far.</p> 
<h2 class="p2" id="shib-starting-to-see-positive-metric">SHIB Starting To See Positive Metric</h2> 
<p class="p2">The <a href="https://bitcoinist.com/shiba-inu-burn-2076-spike/">Shiba Inu burn rate</a> is not the only thing that has turned positive recently as investor sentiment has starting moving toward bullishness once more. One major instance of this is crypto analyst Mags predicting a major price increase for the meme coin.</p> 
<p class="p2">According to the crypto analyst, <a href="https://bitcoinist.com/shiba-inu-etf-petition-10000/">SHIB</a> has entered a buying zone, and it could be the last time to get into the meme coin before it surges. Mags <a href="https://x.com/thescalpingpro/status/1798768473205772332" rel="nofollow" target="_blank">expects</a> the Shiba Inu price to jump at least 3x from here, putting a target at the $0.00014 level.</p> 
<p class="p2">However, there could be a threat to this recovery as long-term holders could be preparing to sell. The Age Consumed metric on the Santiment website which tracks the number of Shiba Inu tokens being moved daily and the last time they were last moved suggests that there could be further selling coming as the Age Consumed figure remains high. If this happens, then <a href="https://bitcoinist.com/crypto-investor-shiba-inu-is-destined-to-make-it/">the SHIB price</a> could fall lower than its current level and possibility lose the $0.00002 level.</p> 
<p class="p2">Presently, <a href="https://bitcoinist.com/109-trillion-shib-sell-wall-blocks-shiba-inu-from-rising-to-new-all-time-highs-details/">the SHIB price</a> is trending at $0.0000224, with a 13% decline in the last week.</p> 
<img loading="lazy" decoding="async" class="size-medium" src="https://www.tradingview.com/x/gDGV8KTs/" alt="Shiba Inu price chart from Tradingview.com" width="3286" height="1576">

Shiba Inu Sees 3,275% Spike In Burn Rate As Sentiment Improves, Time To Get Back In?

Table of Contents

Bitcoinist

Other articles published on Jun 12, 2024

Cryptocurrency Kaspa (KAS) Price Increased More Than 4% In 24 Hours

BNB (BNB) Price Prediction 2025, 2026, 2027, 2028, 2029 and 2030

Ethereum Experiences Significant Rise Due to Spot ETF Excitement

Will BRETT Flip the Number 1 Meme Coin on Solana?

Bitcoin’s big move: Dormant wallet’s $500M transfer spurs market

Solana expelled validators for manipulating transactions to cheat retail traders

Join our free newsletter for daily crypto updates!