Shiba Inu’s burn rate surged sharply over the past 24 hours, yet price action remained muted. The spike in SHIB burns failed to translate into momentum for the memecoin. Network data shows intense token destruction activity, but market response remains limited. Trading volume trends also signal reduced participation across spot and derivatives markets.
SHIB Burn Rate Surges as 838,872 Tokens Leave Circulation
According to burn tracker Shibburn, Shiba Inu burns increased by 173,579% over 24 hours. Data shows 838,872 SHIB tokens were incinerated, compared to just 483 tokens the previous day. On-chain records confirm two transactions of 580,858 SHIB and 258,014 SHIB. Both transfers originated from the same address, identified as “0xe9caf.”
Further blockchain data indicates that the wallet “monarkoshi.eth,” funded by Coinbase, initiated the movement. The wallet sent SHIB tokens to the “0xe9caf” address, which then transferred them to the burn address. Records show both transactions occurred in the early hours of the day, triggering the dramatic spike in burn rate.
The latest burns push the total burnt SHIB supply to 410,754,337,836,935 tokens. That figure represents about 41% of the maximum supply of 999 trillion SHIB. At the time of writing, Shiba Inu trades at around $0.000006285, suggesting a 2.75% increase in the last 24 hours.
Market data shows that SHIB’s modest rebound aligned with a broader crypto market recovery. Bitcoin and major altcoins posted slight gains, and SHIB followed that trend. The token had already risen 2.3% the previous day, marking its first green candlestick since the 12% rally recorded on February 6.
As previously mentioned, Analyst Vuori Trading described the current phase as a bear trap. He projected a potential 22x rally once accumulation ends, according to his market outlook.
Shiba Inu Volume Signals Weak Market Participation
While the Shiba Inu burn rate grabbed attention, trading activity continued to weaken. Over the past 24 hours, spot trading volume dropped 9.6% to $24.3 million. Futures volume also fell 8% to $96.9 million.
The seven-day data reflect steeper declines. Spot volume decreased 45.8% to $169.18 million during that period. Futures volume declined 49% to $768.9 million.
Source: https://coinpaper.com/14591/shiba-inu-burn-rate-jumps-173-579-as-price-stays-flat
