SHIB burn rate spikes ~3000%, but is there room for any further growth in price

SHIB's burning mechanism continues to see new heights, and  at the time even reaching rates in the four-digit mark. Different aspects ranging from buying sprees given the discounted prices to the latest upgrades in its ecosystem aided the token's growth.

Timeline of Shiba-inu

A new Burning Protocol powered by Shibburn would be introducing Shiba Inu to millions of new investors while setting fire to tens of billions of SHIB Tokens. The well-known SHIB Burn tracking website, Shibburn.com, has announced its plan to launch its official Radio app on Alexa Skill, iOS, and Android.

While Bitcoin is facing a downfall, so do other currencies including meme coins like Dogecoin and Shiba Inu. Shiba Inu has recently emerged as the most talked about cryptocurrency in the system. One of the reasons for SHIB to gain such traction is due to its token-burning campaign which has reached new heights.

The meme coin currently under the spotlight for its token-burning campaign hit a new burn rate high this Monday. Shiba Inu, the dog crypto, burned close to 200 million coins within the last 24 hours.

The overall crypto market has yet again dropped below the $1 trillion mark and is now positioned at $996.5 billion, and several major cryptocurrencies have lost their crucial levels and dipped massively. SHIB Inu is no exception to this.

Over 1.3 trillion Shiba Inu [SHIB] tokens have been accumulated following the 6% dip in price as of 13 September. According to a SHIB watchdog, ShibaPlay, transactions had been going on in hundreds of millions since the second most valuable meme coin lost hold on crucial support levels.

Volt Inu recently reached a major milestone with its listing on Gate.io on September 9, 2022. This Tier 1 listing is a significant development for Volt Inu (VOLT), as it opens up the token to a much wider audience and may as well attract some of the biggest exchanges in the world.

Recently, a Twitter user has revealed that several massive chunks of the meme coin Shiba Inu have been shifted on the Ethereum chain over the past 24 hours, totaling more than 1.6 trillion SHIB.

The rate at which tokens of the meme-inspired cryptocurrency Shiba Inu ($SHIB) are being burned has skyrocketed by 3,000% earlier this week to reach 200 million SHIB in just 24 hours, at a time in which Ethereum ($ETH) whales are accumulating the cryptocurrency.

Shiba Inu [SHIB] short-term traders and long-term investors may need to be alert after the coin decided to choose stagnancy. Over the last two weeks, SHIB's volatility has consolidated around the same spot.

At the time of publication, Shiba Inu is selling at $0.000013 after a pullback of 1.23% over the last 24hrs. As the currency is making such a move, there could be an opportunity for shorting if the price drops. If that happens, Shiba Inu's price might see a fall of 27% and drop to $0.0000093.