The unreal 28,850% increase in Shiba Inu (SHIB) burn rate is not what you think

Shiba Inu’s burn rate has seen a whopping 28,850% increase in the last 24 hours, which is the largest percentage increase on the grid seen in recent months. However, this has nothing to do with the unusual increase in activity on the network or the higher than usual amount of burned tokens.

On January 26, the total amount of tokens burned did not even exceed one million SHIB, which is one of the lowest amounts of destroyed assets observed on the network. Activity on the Shiba Inu network actively decreased after meme assets failed to break through the local resistance level.

Based on the activity of the whales that usually associate with Shiba Inu, the majority of large investors are dropping their support for the meme asset since SHIB is not showing a performance that could potentially bring profits to traders in the short term.

In addition, at the highest local level, some selling activity has occurred in the market, most likely related to SHIB whales who have been exposed to the token during its reign in the market and were waiting to sell the assets at break-even or at a less severe loss.

Today, Shiba Inu is changing hands at $0.000011 and has lost about 1% of its value in the last 24 hours, but has not yet fallen below the 200-day moving average.