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The Shiba Inu (SHIB) ecosystem witnessed a dramatic spike in its burn rate on Tuesday, igniting fresh speculation about an imminent price rally. According to data from Shibburn on April 15, SHIB’s burn rate surged by a staggering 2061.22%, with over 20.83 million tokens sent to a dead wallet in just 24 hours — effectively removing them from circulation.
This significant reduction in supply has once again turned investor attention toward SHIB’s long-term price trajectory. The token’s burn mechanism, which permanently eliminates tokens via null addresses, is a core strategy aimed at boosting scarcity and, potentially, price.
Despite the bullish signal, SHIB’s price didn’t immediately reflect the burn momentum. As per CoinMarketCap, the token traded at $0.00001193, down nearly 3% on the day. It dropped from an intraday high of $0.00001239, briefly touching a low of $0.00001182. This volatility has left traders split — some see a prime buying opportunity, while others remain cautious.
Skepticism was further fueled by a statement from popular finance influencer “wallstreetbets” on X, who remarked, “Despite burns, SHIB supply remains unchanged,” pointing to the token’s enormous circulating supply — currently at 584.37 trillion SHIB.
Still, SHIB bulls are not backing down. Prominent community member SHIB Knight took to X to tease, “A new pump wave is loading,” suggesting that a breakout above the $0.00001238 resistance could trigger a bullish run.
Also Read: Shiba Inu Burn Rate Soars 1000% in 24 Hours, SHIB Eyes Bullish Breakout to $0.000015
Adding to the mix, recent analysis revealed a decline in daily active addresses on the SHIB network — a trend that could weigh on momentum if user engagement continues to falter.
For now, the community watches with bated breath. Will the latest burn spree be the catalyst SHIB needs, or will market inertia prevail?
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
I’m your translator between the financial Old World and the new frontier of crypto. After a career demystifying economics and markets, I enjoy elucidating crypto – from investment risks to earth-shaking potential. Let’s explore!
