SHIB fires up the furnace: Burn rate crosses 3000%

• Over half a billion SHIB has been burned in the last week.
• SHIB has risen by almost 10% in the last 24 hours.

Shiba Inu [SHIB] recently experienced one of the highest burn rates in recent memory. According to a tweet by Shibburn, over the past 24 hours, SHIB’s burn rate skyrocketed by 3158.8%, caused by the burn of nearly 20 million SHIB tokens. 

Furthermore, over the past week, the meme coin’s burn rate experienced a remarkable 900% surge, as more than 520 million tokens were burnt.

These statistics mark one of the highest burn rates witnessed recently, significantly contributing to the overall volume of tokens burned. 

However, recent data indicated a decline in the burn rate. According to Shibburn, there had been a reduction of over 99% in the burn rate at the time of this update. Additionally, the total number of burns at this time was less than 200,000.

Possible reasons for SHIB’s burn?

The surge in Shiba Inu’s burn rate was likely influenced by various factors, with an elevated trade volume being a significant contributor.

According to AMBCrypto’s analysis of Santiment’s volume chart, there was a notable upswing in SHIB’s trading activity.

Notably, around the 1st of December, the volume spiked to surpass $300 million, followed by a rapid decline to approximately $100 million before surging again to exceed $380 million.

As of the latest update, the volume has surpassed $546 million. 

Source: Santiment

Additionally, data by CoinMarketCap indicated a staggering 300% increase in volume over the last 24 hours.

While the heightened trade volume could account for the rise in the burn rate, it prompted the question of whether price played a role in driving this increased trading activity.

Shiba Inu price uptrend intensifies

AMBCrypto found confirmation of Shiba Inu’s recent trade volume in the daily price trend. Over the past five days, SHIB has consistently gained value, with the last 24 hours contributing to a notable 10% increase.

Specifically, as of the close of trade on the 3rd of December, SHIB had risen by over 5.8%. Also, as of this writing, there was an additional increase of over 3.7%.

This upward trajectory in price has led to a more than 9% growth in market capitalization.

Source: TradingView

How much are 1,10,100 SHIBs worth today?

Also, an occurrence of a golden cross (yellow line crossing over the blue line) could be seen on the chart. This was indicative of a strong and positive price trend.

The concurrent rise in both volume and price explained the increase in the burn rate. Furthermore, it suggested the potential for a sustained increase in the burn rate if the current trends of price and volume persist.