Shiba Inu (SHIB) has witnessed a massive spike in its burn rate in the last 24 hours, providing a bullish outlook for the second-largest meme coin by market cap. This development is significant as the surge in the Shiba Inu burn rate could help spark a SHIB price rally to its current all-time high (ATH) of $0.00008. 

Shiba Inu Burn Rate Spikes By 7,911%

Shibburn data shows that the Shiba Inu burn rate has spiked by 7,911% in the last 24 hours, with 281.9 million SHIB tokens burned during this period. One transaction accounted for most of these tokens, as 277.5 million SHIB tokens were sent to a dead wallet. Meanwhile, another 7.2 million SHIB tokens were burnt in one single transaction. 

It is also worth mentioning that the 281.9 million SHIB tokens burned in the last 24 hours also account for most of the tokens burned in the last seven days, with 312.3 million SHIB tokens burned during this period. This represents a 1731% surge in the weekly Shiba Inu burn rate. 

The surge in the Shiba Inu burn rate could catalyze the SHIB price rally to $0.00008 since token burns ultimately make the asset more valuable. Therefore, the SHIB price could surge further as more tokens are burned. However, it is important to highlight the role the sentiment in the broader crypto market plays in these token burns. 

Lately, the Shiba Inu burn rate has always surged significantly whenever the Bitcoin price rallies. This is understandable, considering the strong positive correlation between the SHIB price and the flagship crypto. Therefore, Shiba Inu tends to witness a spike in its transactions, with investors

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Author: Scott Matherson