The Shiba Inu ecosystem has witnessed an increase in SHIB burning endeavors in the 24 hours leading up to Christmas day. According to data from Shibburn.com, Shiba Inu’s burn tracker, the meme coin has witnessed a 41.87% increase in the number of Shib tokens burned when compared to the previous 24-hour timeframe. Although this increase is small in comparison to other notable spikes in burns, its significance lies in its time. Particularly, the surge in burn rate has occurred amidst a decline in the SHIB price, which has also contributed to a bullish turnaround in the past 24 hours.  

The latest figures from Shibburn.com show that millions of SHIB have been burned within a 24-hour window. Particularly, 7,309,654 SHIB tokens have been burned in the past 24 hours by Shiba Inu holders. By burned, what this means is that the tokens have been sent to any of the three designated SHIB burn addresses. Detailed data from Shibburn.com shows that these burn endeavors range from  6,387 SHIB tokens in one transaction to 4,326,195 SHIB tokens in another. 

Although not quite voluminous, the surge in the burn rate appears to have had a positive effect on SHIB’s price. This is because the Shiba Inu price has experienced a 3.5% uptick in the past 24 hours, marking a notable improvement in its market performance on Christmas Eve and leading up to Christmas Day. Such an increase in activity opens up the possibility of the SHIB price starting to regain a steady bullish move from here.

Can SHIB Burns Keep Pushing The Shiba Inu Price?

SHIB burns play an important role in Shiba Inu’s market dynamics by introducing a deflationary element to its supply, which can positively impact its value over time. However, SHIB burns s

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Author: Scott Matherson