Shiba Inu (SHIB) Price Jump Explored: Burn Rate And Market Factors

• What – Shiba Inu has been displaying a bullish trend since this week, with a nearly 11% price spike over the past seven (7) days.
• Why – Another remarkable observation is that the SHIB burn rate has reduced drastically, contrary to the 7-day price rise.
• What Next – There has not been any significant increase in the SHIB burn rate over the past seven days.

Shiba Inu Burn Rates Drops By Over 70% Within 24 Hours

The Shibburn tracking website shows that the Shiba Inu burn rate has reduced by over 70% in the last day. But in the past weeks, on-chain activities increased, pushing the burn rates high. Users saw billions of Shiba Inu tokens burnt on the network within that period. 

However, the reverse seems to be the case recently. Only 6.6 million tokens were burnt over the past 24 hours, less than $90.

The current burn rate is lower than the amount recorded on Wednesday, February 9, which showed a surge of 10,000% in burn rate within a day. But the increase amounted to 20.9 million SHIB, a negligible amount in dollar equivalent. 

Although SHIB’s price has declined over 6% over the past 24 hours, it has witnessed a 7-day increase of nearly 11%. So, the token burn for the past seven days is far less than the price rally. 

The decline in the burn rate could be due to the improving Shiba Inu price or the drop in on-chain activity in the past few days. Usually, the burn rate often correlates with coin price performance or on-chain activity. 

What’s Fuelling SHIB’s Price Performance?

Shiba Inu has observed notable price growth alongside Bitcoin over the past week. In addition, the token has continued to soar with the heightened expectations of the upcoming Shibarium Beta launch.

Shibarium Update 🧵

As we approach the launch of the upcoming Shibarium Beta Network, we first would like to start by thanking the Shiba community for bringing such energy and excitement surrounding the upcoming phased introduction.

1/6 🧵

— Shibarium Network (@ShibariumNet) January 4, 2023

Another factor that might have fuelled Shiba Inu’s price is its recent listings on several exchanges as a payment option, which has somehow increased the meme coin’s adoption. Also, throughout January, Shiba Inu received listings from many crypto exchanges, such as Cointree, OkCoin Japan, and others. 

At press time, Shiba Inu is trading at $0.00001329, with a 24-hour price decline of 4%. The meme coin price has seen a 30-day price surge of over 50% and a 14-day increase of 13.6%. But since Wednesday, SHIB’s price has declined by more than 9%.

Shiba Inu’s bullish flag pattern suggests a possible long rally continuation. A bull flag usually forms when a brief consolidating retracement period separates two rallies. Therefore, we could expect more price rallies in the coming weeks since Shiba Inu has already formed a bull flag.

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