Shiba Inu (SHIB), the second-largest meme coin, recently saw a dramatic surge in its burn rate, noted by @RoundtableSpace on X (formerly Twitter). This increase led to a slight rise in SHIB’s price. However, SHIB has been on a downward trend, mirroring the broader cryptocurrency market decline.
Burn Rate Soars, Price Sees Temporary Surge
According to the X post, the Shiba Inu burn rate skyrocketed by an astounding 38,199,412%, causing the coin’s price to climb to $0.00001468. However, this price did not hold; at the time of writing, SHIB’s price has dropped to $0.00001362. This represents a 4.92% decrease over the past 24 hours. Despite the drop in price, SHIB experienced a significant 44.99% increase in trading volume, which now stands at $226 million.
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Interestingly, data from Shibburn reveals a reversal in burn rate, which has declined by 96.25%, with only 1.46 million SHIB burned in the past 24 hours. To date, 410 trillion tokens have been burned, and it is anticipated that more will be burned in the future. This present burn is seen as a mechanism to reduce the circulating supply, potentially increasing the coin’s value over time.
Price Fluctuations And Market Cap Decline
According to a TradingView chart, SHIB’s price fluctuated within the past 24 hours, dropping from a high of $0.00001438 to a low of $0.00001335. Correspondingly, the market cap of Shiba Inu also declined by 5.31%, currently standing at $8 billion, which still secures its position as the 13th largest cryptocurrency by market cap.
Related article: SHIB’s Transformation: From Meme Coin to Crypto Powerhouse
Moreover, the Relative Strength Index (RSI) for SHIB currently stands at 37.64, signaling that bearish sentiment dominates SHIB’s price action. However, the gradient of the RSI line suggests that higher prices might be on the horizon.
Despite the overall market meltdown, the accumulation of SHIB tokens had previously dropped but is now beginning to recover, hinting at renewed investor interest.
