Shiba Inu Starts Off Strong With An Explosive 233% In SHIB Burn Rate

The Shiba Inu ecosystem has started out the new week on a particularly positive note. The burn rate, which is a community initiative to reduce the massive supply of the token, has seen a significant jump as the price of the meme coin has recovered.

SHIB Burn Rises 233%

A Monday report by Shiba Inu burn tracking website Shibburn showed that the SHIB burn rate has seen an impressive 233% climb. This puts a turn on the particularly slow weekend which saw burn rates decline rapidly.

How To Get Free Crypto  

As the new trading week opens up, the total SHIB tokens burned during this time has crossed 56.98 million. This was the result of tokens being sent to the burn address across 29 addresses, with more than 3.7 million tokens sent to the burn address in the last hour as of the time of this writing.

Burn rate spikes 233% | Source: Shibburn

The token burn also led to an increase in the burn rate for the last week as well. Monday’s burn figures saw the weekly burn total rise above 316.7 million. This is a 26% increase in the burn rate compared to the previous seven days.

Some of the largest burns came from the ‘0x909a9’ and ‘0x4be2’ addresses. Both addresses burned a total of 7,119,784 million and 8,095,490 million tokens respectively. The total comes out to over 15 million tokens, accounting for around 27% of the total burns for the day.

SHIB price holding $0.0000071 | Source: SHIBUSD on

Shiba Inu Sees Price Recovery

On Sunday, the price of Bitcoin surged toward the $28,000 level, and in response, the rest of the crypto market followed the flagship cryptocurrency. Shiba Inu was no different and finally saw a reversal in its bull stretch since the month began.

Coinbase Banner  

Shiba Inu rose around 1.24% in the 24-hour period and although this is not as impressive as some of the recoveries mounted by other assets, it has helped the cryptocurrency to secure its support at $0.000007. This gives bulls some wiggle room as they regain their bearings in the market.

However, Shiba Inu is still seeing small losses of 0.59% on the weekly chart. This suggests that the bulls’ hold on the asset is weak and bears could regain control if momentum slips. This battle for control is mirrored by the daily trading volume of the crypto which is up 25.85% and sitting at $101.7 million, according to data from CoinMarketCap.

So far, there doesn’t seem to be any special event pushing the price of SHIB besides the Bitcoin recovery. Given this, if the Bitcoin rally ends, then SHIB will most likely follow and fall into losses again.

Featured image from U.Today, 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.

FreeBitcoin Banner  

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.