SHIB Burn Rate Soars, Boosts Value and Market Cap
SHIB Burns at Record Speed
The cryptocurrency Shiba Inu (SHIB) has recently experienced a remarkable burn rate. Over half a billion SHIB was burned in the past week, and the burn rate increased by nearly 10% in the last 24 hours. Recently, SHIB experienced one of the highest burn rates in recent history. According to a tweet from Shibburn, the burn rate of SHIB increased by an incredible 3158.8% in the last 24 hours, caused by the burning of almost 20 million SHIB tokens.
Causes for the High Burn Rate
The increase in the burn rate of Shiba Inu was likely influenced by various factors, with an increased trading volume making a significant contribution. According to an analysis by AMBCrypto of Santiment’s volume chart, there was a notable upswing in SHIB’s trading activity. In particular, around December 1st, the volume rose to over $300 million, followed by a rapid decline to about $100 million, before it rose again to over $380 million. At the last update, the volume had surpassed $546 million.
Price Development of Shiba Inu
The confirmation of Shiba Inu’s recent trading volume was found in the daily price trend. Over the past five days, SHIB has steadily gained value, with the last 24 hours contributing to a notable increase of 10%. In particular, at the close of trading on December 3rd, SHIB had risen by over 5.8%. In addition, at the time of writing this article, there was an additional increase of over 3.7%. This upward price trend has led to a growth in market capitalization of more than 9%.
Forecast for the Future
The simultaneous increase in volume and price explains the increase in the burn rate. Moreover, it suggests the potential for a continued rise in the burn rate if the current trends of price and volume persist.
Sources: Shibburn, Santiment, CoinMarketCap, TradingView
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