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The Shiba Inu burn rate has seen a notable recovery over the last day as the number of tokens being sent to the burn address has increased drastically. This recovery comes at a time when the crypto market has started to move into the green once again, and digital assets such as Shiba Inu are rebounding from their lows.
Shiba Inu Burn Rate Spikes 874%
The Shiba Inu burn rate has spiked to new weekly highs after a return of positive sentiment. In the last 24 hours alone, over 8.7 million SHIB tokens have been sent to the dead address, leading to an 874.74% spike in the burn rate.
For a more precise figure, 8,772,074 SHIB tokens have been burned over the last day. This burn figure came from a total of six wallets. However, the majority of the burns came from only one wallet across two transactions less than 12 hours ago at the time of this writing.
The wallet identified as “0xa9d1e0” burned over 95% of the total burn figure, sending millions of tokens to the burn address. In the first transaction, the Shiba Inu address sent 5 million tokens to the burn wallet. Minutes later, the same Shiba Inu address sent 3.44 million tokens to the burn address.
Other notable burn transactions include another 100,000 tokens burned by the address above, with another Shiba Inu address burning 156,753 tokens in one go. Another address burned 52,519 tokens, while 9,093 tokens was the lowest burn rate.
SHIB Price Rebounds From Lows
Currently, the spike in Shiba Inu burn rate seems to be following the recovery in the SHIB price. Over the last week, the Shiba Inu price has risen more than 10% before falling back downward again. Nevertheless, bulls remain in control as the price is holding the $0.000017 support very steadily.
Demand for the meme coin is also on the rise as the daily trading volume has risen drastically. Data from Coinmarketcap shows that the Shiba Inu daily trading volume is up 51% in the last day, bringing its volume to more than $700 million in this 24-hour period.
If the demand continues to rise from here, then the SHIB price could recover once more. From here, a 20% move would move the price over $0.00002, turning this now-resistance into support for the bulls. This could serve as a bounce-off point for further rallies.
At the time of writing, the SHIB price is rending at $0.00001749, with a 9.18% decline in the last day.
Featured image created with Dall.E, chart from Tradingview.com
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