Shiba Inu Burn Rate Surges 108%: Price Ready to Break Out?

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The SHIB burn rate has seen a notable increase recently, according to data from Shibburn, a popular tracking platform. The meme cryptocurrency’s burn rate has jumped by 108%, with nearly 100 million SHIB tokens removed from circulation. Despite this progress, there are nuances to consider that slightly temper the overall excitement.

Minor Price Recovery Follows Increased Burns

SHIB’s price has attempted multiple breakouts over the past several days. Within the last 24 hours, SHIB saw a modest rise, gaining less than 2% as it worked to offset recent losses. Since Friday, the token’s overall price has grown by 3.15%, reflecting a gradual recovery amid ongoing burn activity.

However, the price action still awaits a more substantial breakout. In a recent tweet from Shibburn, the weekly burn rate for SHIB has shown significant growth, rising by 108.73% over the past week. Approximately 95,442,500 SHIB have been moved to unspendable blockchain addresses, significantly reducing the token’s circulating supply.

HOURLY SHIB UPDATE$SHIB Price: $0.00001712 (1hr 0.20% ▲ | 24hr 0.83% ▲ )
Market Cap: $10,075,404,437 (0.75% ▲)
Total Supply: 589,268,689,236,397

TOKENS BURNT
Past 24Hrs: 9,762,549 (-74.88% ▼)
Past 7 Days: 95,442,500 (108.73% ▲)
— Shibburn (@shibburn) October 28, 2024

However, the daily burn rate hasn’t kept pace with this momentum, showing a decrease of 74.88% from the previous day. Only 9,762,549 SHIB were burned on a daily basis, reflecting a nearly tenfold reduction compared to weekly totals.

Single Large Burn Transfers Highlight Activity

On Monday, Shibburn data shows only one SHIB burn transfer, highlighting a reduced frequency in daily burns. Similarly, on Sunday, only one burn transaction took place, transferring 16,402,650 SHIB to an inaccessible wallet. Last Friday, SHIB burns spiked dramatically, reaching an impressive 65,529.67% increase. This jump marked a standout moment in SHIB’s burn history, though recent transfers have not maintained that same scale.

Although burn rates typically reduce supply and can positively impact prices, the recent increase in weekly burns has only led to a modest rise in SHIB’s price. With daily burns lagging behind, it remains uncertain whether the current pace will drive a more significant price breakout.