Shiba Inu Burn Rate Records 900% Surge, Will SHIB Price Continue To Rally? |

The Shiba Inu burn rate is on the rise once again after an incredible day of activity, jumping more than 900% in a 24-hour period. At the same time, the price of the Shiba Inu native token SHIB has been rallying, suggesting a correlation between the two.Market Cap: $5,581,942,789 (5.02% ▲)
Total Supply: 589,301,687,946,655Past 24Hrs: 33,873,020 (903.38% ▲)
Past 7 Days: 111,170,496 (-78.47% ▼)

— Shibburn (@shibburn) January 9, 2024

SHIB price starts to retrace | Source: SHIBUSD on

Can SHIB Price Continue To Rally?

Coincidentally, the SHIB price has seen an upturn following the rise in the Shiba Inu burn rate. This is an interesting turn of events given the fact that the price of the meme coin has not shown a similar correlation to the burn rate over the last few months.

How To Get Free Crypto  

Toward the end of 2023, the SHIB burn rate had surged tremendously but the price did not follow this upside until now. This suggests that the bull sentiment returning to the market could be driving both the price and the rate at which investors are willing to burn their SHIB tokens in a bid to reduce the circulating supply.

If this correlation holds, then a continuous increase in the burn rate could spell good news for Shiba Inu holders. However, there is still the matter of altcoins following the Bitcoin price trend which could hinder the price recovery if BTC’s price were to fall.

At the time of writing, SHIB is trading at $0.000009433, up 4.7% in the last day but down 13.54% in the last week, according to data from CoinMarketCap.

Featured image from Watcher Guru, chart from

Go to Source
Author: Scott Matherson

Recommended Crypto Services, Products and Strategies:

The first thing any crypto investor needs is is a reliable and secure Crypto Wallet.  Whether you’re looking for an online wallet, hardware wallet, desktop or mobile wallet, Crypto Renegade provides you with all the Best Crypto Wallets in each category.

Best Crypto Wallets Banner

When you’re ready to buy more crypto, or exchange your coins for others, Crypto Renegade’s list of the Best Crypto Exchanges has you covered.  The Crypto Exchanges recommended here offer everything from simplicity and convenience to advanced trading platforms and profit sharing. 

Best Crypto Exchanges Banner

If you want to learn more about the methods and tools that can be used to find Great Crypto Projects, then be sure to check out Crypto Renegade’s strategy for How To Find The Best Cryptocurrency.

Crypto Strategy Banner

For those people that don’t have any money to invest right now, or just want to understand the technology a bit more, you’ll definitely want to check out Crypto Renegade’s Free Crypto Strategy and start collecting Free Coins today!

Free Crypto Banner

What do you think about cryptocurrency? Do you have any questions about it? Be sure to leave a comment below.

You May Also Like

More From Author

This site uses Akismet to reduce spam. Learn how your comment data is processed.