The Shiba Inu burn rate has seen a turnaround, skyrocketing by 1,068% despite the meme coin’s recent price decline. This unexpected Shiba Inu burn recovery comes amid a bearish market trend, with indicators suggesting the potential for further SHIB price corrections. However, the sharp increase in burn rate could indicate a renewed interest from investors, potentially paving the way for a Shiba Inu price recovery above $0.00003. 

Shiba Inu Burn Rate Jumps 1,068%

According to new data from Shibburn, more than 51.76 million SHIb tokens have been burned within the past 24 hours. This report highlights a consistent burn rate, with millions of tokens being burned on an hourly basis. 

Remarkably, the Shiba Inu burn rate has skyrocketed by 1,068% within this short timeframe, reflecting a significant reduction in the token’s supply. Although Shiba Inu burns appear to be on a path to recovery, the burn rate took a nosedive earlier this month, declining by a staggering 90%. During this period, only 413,000 SHIB tokens burned, a sharp contrast to the impressive 250 million burned SHIB tokens in the previous week. 

This steep decline in Shiba Inu burn rate also coincided with a drop in its price, as the popular dog-themed meme coin experienced a significant price correction after briefly surpassing the $0.00003 mark. Additionally, Santiment’s data reveals that Shiba Inu’s Market Value to Realized Value (MVRV) has fallen by more than 3%, indicating that S

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Author: Scott Matherson