Shiba Inu’s Burn Rate Increases by 2000%, Will Prices Soar?

Jakarta, Pintu News – On Tuesday, the Shiba Inu (SHIB) burn rate experienced a dramatic surge of 2000%, giving rise to market optimism regarding future price movements. With the removal of over 20 million SHIB tokens from circulating supply in just one day, many crypto market participants have begun to speculate on the potential price hikes to come.

Details of Shiba Inu Burning

Data from Shibburn on April 15 showed that the Shiba Inu (SHIB) burn rate increased by 2061.22%. A total of 20.83 million coins were removed from the asset supply in a day. The SHIB burn mechanism sends tokens to a null address, making token recovery impossible.

This significantly reduced the supply of this dog-themed coin in the market, which many believe is the cause of the less-than-impressive performance of SHIB over the past few years. Nonetheless, a well-known Wall Street expert who goes by the name “wallstreetbets” on X stated that “Despite the burn, the supply of SHIB remains unchanged.”

This statement raised concerns among market participants who were expecting an increase in price as the burn continued. Interestingly, CoinGape found that the total circulating supply remained at 584.37 trillion tokens at the time of reporting.

Read More: Market Volatility: Mantra Token Plummets 90% in an Hour, Here’s the Explanation

SHIB’s Future Price Outlook

According to data from CoinMarketCap, the price of the SHIB token is at $0.00001193, down nearly 3% in a day despite a spike in Shiba Inu burn rates. The coin dropped from a daily high of $0.00001239, even touching a low of $0.00001182. Crypto market participants are currently uncertain about the coin’s future price movements, given the broader market trends and volatile price trajectory.

However, a well-known member of the Shiba Inu community, SHIB Knight, posted on X that “a new pump wave is loading.” According to him, if the price can hold above $0.00001238, this could pave the way for a bullish trend. Traders and investors are keeping a close eye on this coin for further price action changes.

Shiba Inu Networking Activity and Price Analysis

CoinGape’s latest price analysis of Shiba Inu shows that the number of daily active addresses on the network has decreased substantially. This data, which highlights a decrease in network activity, could bring some turbulence to the price in the future.

Despite the optimism caused by the token burn, factors such as declining network activity and fickle market sentiment need to be seriously considered by investors.

Conclusion

Given the huge spike in burn rates and speculation from community members, the market may see some significant price movements in the near future. However, it is important for investors to remain vigilant and consider all factors that could affect the price of SHIB, including network activity and broader market conditions.

Also Read: Will the Ripple vs SEC Case Be Resolved Soon? Check out the Expert Review!

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*Disclaimer

This content aims to enrich readers’ information. Pintu collects this information from various relevant sources and is not influenced by outside parties. Note that an asset’s past performance does not determine its projected future performance. Trading crypto carries high risk and volatility, always do your own research and use cold hard cash before investing. All activities of buying andselling Bitcoin and other crypto asset investments are the responsibility of the reader.

Reference

• Coingape. Shiba Inu Burn Rate Blows Up 2000%: Is SHIB Price Gearing Up for a Pump?. Accessed on April 15, 2025
• Featured Image: Generated by AI