Shiba Inu Burn Rate Accelerates By 3,000%, Will It Impact Price?

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.

Timeline of Shiba-inu

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.

Disclaimer: The findings of the following analysis are the sole opinions of the writer and should not be considered investment advice. After ascending toward its three-month high on 14 august, Shiba Inu [SHIB] bears inflicted a near-term decline.

Holding your coins is the most effective way of making things right for that coin. However, it can become a bit worrying when very few so-called whales hold most of the coins' supply.

Over the past two weeks, Shiba Inu has recorded increases of more than 5%. Analysts say that despite ongoing increases in the Shiba Inu ecosystem, holders should exercise caution right now. Holders of Shiba Inu anticipated a significant increase in the meme coin as demand for the governance token BONE peaked.