{"id":38576,"date":"2025-01-24T01:30:02","date_gmt":"2025-01-24T01:30:02","guid":{"rendered":"https:\/\/mycryptomania.com\/?p=38576"},"modified":"2025-01-24T01:30:02","modified_gmt":"2025-01-24T01:30:02","slug":"shiba-inu-burn-rate-sees-major-600-jump-in-only-24-hours-will-shib-price-follow-suit","status":"publish","type":"post","link":"https:\/\/mycryptomania.com\/?p=38576","title":{"rendered":"Shiba Inu Burn Rate Sees Major 600% Jump In Only 24 Hours, Will SHIB Price Follow Suit?"},"content":{"rendered":"

On-chain data has unveiled an impressive surge in the Shiba Inu burn rate<\/a>, skyrocketing by more than 600% in just one day. This sharp rise in token burns indicates a growing interest in decreasing the overall supply of SHIB. Moreover, it has raised the possibility that the SHIB price<\/a> could follow suit, as increased token burn often influences a cryptocurrency\u2019s price movements.\u00a0<\/p>\n

Shiba Inu Burn Rate Skyrockets\u00a0Over 600%<\/h2>\n

Shibburn, the official Shiba Inu token burn tracker<\/a>, has just reported<\/a> a dramatic increase in burn rate, with over 3.24 million SHIB tokens permanently removed from circulation. The tracking platform revealed that the SHIB token burn rate shot up by approximately 612.78% in less than 24 hours. This spike represents one of the most significant one-day increases in recent weeks.<\/p>\n

Typically, a surge in a token\u2019s burn rate is largely attributed to community-led initiatives focused on reducing the cryptocurrency\u2019s supply and potentially inducing scarcity. Considering the large size and strong dedication of the Shiba Inu community<\/a>, it\u2019s not uncommon to see occasional spikes in burn rates. The community has been a strong advocate for token burns<\/a>, believing that a supply reduction could trigger a price surge for SHIB.\u00a0<\/p>\n

Despite the latest burn and substantial decrease in SHIB\u2019s circulating supply<\/a>, the meme coin\u2019s price has yet to demonstrate any significant upward movement. In fact, Shiba Inu appears to be on a downtrend<\/a>, as CoinMarketCap reports a 1.6% decline in the last 24 hours and a previous 9.3% drop over the past week.\u00a0<\/p>\n

Currently, the price of SHIB<\/a> is trading at $0.00002, experiencing no recent increases, while its 24-hour trading volume has crashed by 46.33%. Nevertheless, this lack of immediate price action and present bearish conditions<\/a> does not rule out the potential for a future rally in Shiba Inu.\u00a0<\/p>\n

Supporting this possibility of a bull trend driven by heightened token burns, crypto analyst Rananjay Singh commented<\/a> on the recent 612% spike in the Shiba Inu burn rate on X (formerly Twitter). Singh explained that when a cryptocurrency\u2019s supply declines and demand stays strong, prices tend to increase significantly.<\/p>\n

The analyst suggests that increased token burns, upcoming updates in the Shiba Inu ecosystem<\/a>, and the growing excitement among community members could potentially trigger substantial gains for the meme coin in 2025.\u00a0<\/p>\n

What\u2019s Next For The SHIB Price?<\/h2>\n

\u2018Shib Spain,\u2019 a popular SHIB supporter on X, has predicted<\/a> that a massive pump could be on the horizon for the meme coin. The analyst connects Ethereum\u2019s price action<\/a> with Shiba Inu\u2019s, sharing a detailed chart that showed instances when ETH experienced a price reversal and underwent a significant rally.<\/p>\n

Although the meme coin was not indicated on the chart, the analyst\u2019s mention likely ties his projected SHIB price pump<\/a> to an increase in ETH. This suggests that if Ethereum experiences a price surge, altcoins like Shiba Inu could follow suit, potentially sparking a significant uptrend.<\/p>","protected":false},"excerpt":{"rendered":"

On-chain data has unveiled an impressive surge in the Shiba Inu burn rate, skyrocketing by more than 600% in just one day. This sharp rise in token burns indicates a growing interest in decreasing the overall supply of SHIB. Moreover, it has raised the possibility that the SHIB price could follow suit, as increased token […]<\/p>\n","protected":false},"author":0,"featured_media":38577,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-38576","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/38576"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=38576"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/38576\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/38577"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=38576"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=38576"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=38576"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}