The Shiba Inu community is on a rampage when it comes to burning SHIB tokens. After an incredibly successful burn campaign last week, the community is back to incinerating massive amounts of SHIB. This time around, the SHIB burn rate has seen perhaps its highest increase in burn rate since inception.
SHIB Burn Rate Jumps Over 7,000,000%
In a 24-hour period, the Shiba Inu has burned an impressive 8.35 billion SHIB tokens. As well as being one of the highest number of tokens ever burned in a single day period, it has also triggered one of the highest increases in burn rate that the community has seen.
According to data from Shibburn, the website in charge of tracking the amount of tokens burned each day, the 8.35 billion burn figure has led to a 7.6 million percent increase in the burn rate. Naturally, this massive jump in burn rate has raised a lot of questions as to what is behind the burn.
SHIB burn rate explodes | Source: Shibburn
Apparently, only a single address is responsible for the majority of the burns so far. Shibburn data shows that the “0xc7d0455” address sent a total of 8,241,856,589 tokens to the SHIB burn address. Upon a deeper dive, Etherscan data identifies the sending address as Shiba-swap.eth, also known as the “Shiba Inu: Deployer 2” address.
This single burn event incinerated over $74,000 worth of tokens. Then in addition to the other burn events, the total burned in the last 24 hours has come out to a little over $75,000 burned. The massive burn also triggered a rise in the weekly burn rate. Shibburn shows that in the past seven days, the SHIB burn rate is up 2,564% with more than 8.5 billion tokens burned.
HOURLY SHIB UPDATE$SHIB Price: $0.00000897 (1hr -1.23% ▼ | 24hr -5.44% ▼ )
Market Cap: $5,282,688,364 (-2.38% ▼)
Total Supply: 589,328,318,580,484TOKENS BURNT
Past 24Hrs: 8,349,329,301 (7686774.46% ▲)
Past 7 Days: 8,576,583,242 (2564.83% ▲)— Shibburn (@shibburn) December 5, 2023
SHIB begins to recover | Source: SHIBUSD on Tradingview.com
Shiba Inu Price Reacts To Burns
While the burn rate has exploded in the last day, the Shiba Inu price has gone in the other direction. After starting off the week on a strong note and reaching a local high of $0.0000094, the meme coin’s price began to retrace.
At the time of writing, the SHIB price is down almost 5% and has struggled to hold above the $0.000009 resistance once again. This means that bulls will have another battle ahead of them to beat this level. Taking the price from $0.0000089 toward $0.00001 is the major struggle right now.
Additionally, the Shiba Inu daily trading volume has seen a 31.2% decline in the same timeframe, suggesting that interest in the token has fallen. Unless there is a recovery in investor sentiment, it stands to reason that the SHIB price will continue to decline from here.
