The Shiba Inu ecosystem has begun the new week with a notably optimistic outlook. The burn rate, a community-driven endeavour aimed at mitigating the substantial token supply, has experienced a notable surge along with the meme coin's price recovery.
The burn rate of #SHIB has experienced a significant increase of 233%.
According to a study published on Monday by Shibburn, a website dedicated to tracking the burning of #Shibainu tokens, the pace at which SHIB tokens are being burned has experienced a significant increase of 233%. This introduces a shift in the context of the weekend, characterised by a significant decrease in burn rates.
At the commencement of the forthcoming trading week, the cumulative number of SHIB tokens that have been incinerated has surpassed 56.98 million. The observed outcome pertains to the transfer of tokens to the burn address through a total of 29 distinct addresses. Notably, within the last hour at the time of composing this text, a substantial quantity of tokens, over 3.7 million, has been successfully delivered to the burn address.
The burn rate of Shiba Inu (SHIB)
The burning of tokens also resulted in an escalation in the pace of token burn over the previous week. The burn numbers reported on Monday indicated that the cumulative burn total for the week exceeded 316.7 million. There has been a notable surge of 26% in the rate of combustion when comparing it to the preceding seven-day period.
The '0x909a9' and '0x4be2' addresses were responsible for some of the most significant burns seen. Both addresses together burnt a total of 7,119,784 million and 8,095,490 million tokens, respectively. The cumulative figure amounts to more over 15 million tokens, being around 27% of the overall tokens burned during the day.
On the day of Sunday, the value of Bitcoin had a significant upward movement, approaching the threshold of $28,000. Consequently, the other cryptocurrencies within the market exhibited a similar trend, mirroring the behaviour of the leading digital currency. The Shiba Inu experienced a similar pattern and ultimately observed a reversal in its bullish trend that had been ongoing since the beginning of the month.
The Shiba Inu cryptocurrency had a modest increase of around 1.24% during a 24-hour timeframe. While this growth may not be as remarkable as that observed in other assets, it has still contributed to the establishment of a support level at $0.000007 for the cryptocurrency. This provides bulls with a certain degree of flexibility as they reestablish their position in the market.
Nonetheless, the Shiba Inu cryptocurrency is now seeing a marginal decline of 0.59% when observed on a weekly basis. This implies that the bulls' dominance over the asset is tenuous, and the bears may reclaim authority if momentum falters. The ongoing struggle for dominance is reflected in the daily trading volume of the cryptocurrency, which has experienced a 25.85% increase and currently stands at $101.7 million, as reported by CoinMarketCap.
Currently, no significant catalyst has been identified that is driving the price of SHIB, save than the rebound of Bitcoin. In light of the aforementioned circumstances, it is reasonable to infer that in the event of the conclusion of the Bitcoin rally, it is quite probable that $SHIB would afterwards experience a decline, resulting in financial losses.
