Shiba Inu Sees 3,275% Spike In Burn Rate As Sentiment Improves, Time To Get Back In?

The Shiba Inu burn rate has seen a notable spike over the last 24 hours, following significant burns from the community. This is a notable change from the prior week’s slow and disappointing burn rate, showing a return of bullish sentiment among investors.

Shiba Inu Burn Rate Spikes 3,275%

According to data from the Shiba Inu burn tracking website, Shibburn, there has been a 3,275% increase in the burn rate in the last day. The website shows that more than 232 million tokens have been burned in this time period, a stark increase from the 1.37 million tokens that was burned yesterday.

Interestingly, while there have been a total of nine burn transactions recorded during this time, only one transaction made up the majority of the burned tokens for the day. The “0xd9a84f7” address sent over 225.64 million SHIB tokens to the burn wallet.

At the time of the transactions, the tokens burned by this wallet were worth approximately $5,000. This means that this address alone accounts for 97% of all of the tokens that were burned in the 24-hour period, being the sole reason for the 3,275% spike in burn rate.

The daily burn rate is not the only metric that has been positively impacted by this burn. As Shibburn reports, the burn has also pushed the weekly burn rate to 265.86 million, a 560.94% increase from the prior week. This figure means that the “0xd9a84f7” wallet burn makes up 85% of the total weekly burn so far.

SHIB Starting To See Positive Metric

The Shiba Inu burn rate is not the only thing that has turned positive recently as investor sentiment has starting moving toward bullishness once more. One major instance of this is crypto analyst Mags predicting a major price increase for the meme coin.

According to the crypto analyst, SHIB has entered a buying zone, and it could be the last time to get into the meme coin before it surges. Mags expects the Shiba Inu price to jump at least 3x from here, putting a target at the $0.00014 level.

However, there could be a threat to this recovery as long-term holders could be preparing to sell. The Age Consumed metric on the Santiment website which tracks the number of Shiba Inu tokens being moved daily and the last time they were last moved suggests that there could be further selling coming as the Age Consumed figure remains high. If this happens, then the SHIB price could fall lower than its current level and possibility lose the $0.00002 level.

Presently, the SHIB price is trending at $0.0000224, with a 13% decline in the last week.

Featured image created with Dall.E, chart from Tradingview.com