Shiba Inu Burn Rate Surges Despite Market Downturn

Since its inception, Shiba Inu has been referred to as the Dogecoin killer. On Monday, a significant increase in its burn rate drew attention once again in the broader crypto market. Data released by Shibburn showed that the meme coin’s burn rate increased by over 200% in the last 24 hours, highlighting the growing interest in SHIB despite bear market conditions.

SHIB Burn Report

According to data presented by the Shibburn platform, known for tracking Shiba Inu burns, the burn rate experienced an incredible surge today. Despite the prevailing bearish market conditions, burns increased by 232.85% as of January 22.

Furthermore, data released by Shibburn indicates that the majority of SHIB’s burns were carried out by the meme coin community.

In the last 24 hours, the total number of coins burned reached 46.60 million, fueling significant excitement among followers of the cryptocurrency market.

On the other hand, transactions resulting in sending SHIB to dead wallets by the Shiba crypto community supported the increase in burns. To elaborate on the transactions, the first community-driven burn sent 13.63 million SHIB to irreversible burn wallets.

Following this, another transaction took place, surprisingly sending an additional 30.46 million SHIB to burn addresses.

These transactions seem to continue to find resonance among traders and investors during periods when the community takes steps to raise the SHIB price. However, despite the increase in burns, the price movements specific to the meme coin do not seem very positive.

Shiba Inu Price Declines

As of the time of writing, Shiba Inu’s price has seen a 3.27% decline in the last 24 hours, currently trading at $0.00000911. Additionally, its market value and trading volume have also decreased by 3.27% and 21.39%, respectively, showing significant declines.

Moreover, even the weekly chart has worried investors with a 4.03% drop, and the monthly chart shows a 12.84% decline. Despite these drops, the burns taking place could potentially lead to a price increase in the coming days.