Shiba Inu Burn Rate Surges 11000%, SHIB Price To Rally?

The Shiba Inu cryptocurrency, positioned as the self-proclaimed Dogecoin killer, recently caught the eyes of crypto market traders and investors homogenously as the token experienced a massive surge in burning activity.

However, amid the ongoing SHIB burning chronicle, the token’s price also noted marginal falls over the past twenty-four hours.

The recent advancements made by the Shiba Inu crypto community seem to come contrary to the price fall witnessed by the token.

SHIB Community Burning Tokens

According to the data offered by Shibburn, a platform facilitating SHIB burn insights, the platform recently disclosed data showcasing a colossal 10653.65% surge in the burn rate over the past twenty-four hours.

As of writing, a whopping 297.57 million SHIB were burnt over the past day. Furthermore, the total number of tokens burnt from the initial supply now amounts to 410.663 trillion as of today.

Interestingly, a transaction that amassed significant attention within the broader crypto markets burnt 261.40 million SHIB approximately twenty-four hours ago. As per the data, the unknown wallet address, 0xa9d1e…, was noted, transferring the abovementioned amount to a dead wallet.

However, another transaction gained significant traction, transferring 21.52 million SHIB to a dead wallet. Reportedly, the wallet address, 0x811beed…., was observed burning the prior stated amount.

Contrary to the common belief that a surge in the burning of tokens would ultimately result in inducing scarcity for it, thereby upswinging the token’s price, seems otherwise in Shiba Inu’s case as the token witnessed price falls subsequent to the burning of tokens over the past few days.

Also read: Crypto Prices Today: Bitcoin, Pepe Coin Slip As Celestia Advances

What’s Next For Shiba Inu Price?

As of writing, the Shiba Inu price witnessed a slight downfall of 2.76% over the past twenty-four hours, reaching $0.00000808 today, November 27. Moreover, the token also noted a 3.65% decrease over the past seven days, as portrayed by market charts.

However, the twenty-four-hour trading volume showcased a substantial surge of 63.24%, evaluating $208.27M.

The stated fall in the token’s price also seems to come contrary to the recent announcement by the community orbiting around an upcoming project collaboration with a football team. As per the community’s announcement, the upcoming project is affiliated with Napoli, an Italian football club.

Meanwhile, given the soaring burning rate witnessed recently, the market watchers anticipate a potential rally for the SHIB price in the near future.

Also read: Coinbase CEO: It’s Time to ‘Turn the Page’ After Binance Settlement