Shiba Inu’s burn rate is up 900%, what’s going on?

Shiba Inu burn rate successfully recovers, but will this help the price of SHIB?

The last few months have not been the best of times for Shiba Inu, as the value of the token has fallen rapidly over the last five months. A large part of the problem has to do with a drop in burn volume that has fueled SHIB’s recovery in the market. Fortunately, the situation is finally changing.

According to Shibburn, the burn rate on the grid has spiked massively. The most recent data shows that SHIB has experienced a massive 910% spike in burn in the last 24 hours, making it one of the largest increases in burn in recent weeks.

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Shiba Inu Chart
Source : TradingView

The primary burn address ending in 3963d removed more than 5 million tokens from network circulation, making it the largest contribution to the amount of Shiba Inu burned in the past 24 hours.

How does the price react?

Unfortunately, the massive percentage spike in burn volume has not caused a corresponding effect on the market. Shiba Inu continually moves below the local resistance level reflected by the 21-day moving average.

The low price performance is the result of the massive outflow of funds from the crypto-currency market and the total abandonment of retail wallets throughout the digital asset industry. Traders and investors have been rapidly selling their holdings since the beginning of this year, and high-risk assets like Shiba Inu were one of the first digital investment tools to disappear from their portfolios.

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Currently, Shiba Inu is trading at $0.000009, below the psychologically important threshold of $0.00001. Unfortunately, the amount of burned SHIB tokens we currently have available is not enough to cover the existing oversupply, which has continually pushed the price of the meme token down.

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