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Burning Rate in Shiba Inu Increases by 1000%: Will SHIB Price Rise?

  • According to the latest information from Shiburn, the burning rate of Shiba Inu has significantly increased beyond the recent trend.
  • The graph shows a striking increase of over 1000% in the burning rate in the same 24-hour period. Additionally, this increase in burning rate has contributed to the burning of over 2 billion tokens in the past week.
  • As of August 19, Shytoshi Kusama, the lead developer of Shiba Inu, informed the Shiba community that work on the Shibarium project is actively ongoing.

The burning rate in Shiba Inu has surprisingly increased, drawing attention to the increasing interest in SHIB trading; what is the current situation of SHIB price?

An Increase in Burning Rate is Observed in Shiba Inu

Shiba Inu (SHIB)

Recently, Shiba Inu has experienced an unusually high burning rate that has not been observed for a while. This burning rate coincided with ongoing discussions and excitement about Shibarium due to recent developments. The main question is: Did the trading volume of SHIB suddenly increase or was the burning rate an independent event?

According to the latest information from Shiburn, the burning rate of Shiba Inu has significantly increased beyond the recent trend. The data shows that over 1 billion tokens have been burned in the past 24 hours.

Additionally, the graph shows a striking increase of over 1000% in the burning rate in the same 24-hour period. Furthermore, this increase in burning rate has contributed to the burning of over 2 billion tokens in total in the past week. This was a significant and noteworthy development.

When examining the trading volume obtained from Santiment, we observed that despite the increasing burning rate, there was no significant change or almost none in SHIB trading. The highest trading volume of Shiba Inu occurred in July and reached over 23 billion.

However, since then, trading activities have remained at a low level, hovering around 108 million. This indicates that a significant increase in SHIB trading did not occur due to the recent sudden increase in burning rate.

SHIB-Volume

The restart date of Shibarium is not yet known

As of August 19, Shytoshi Kusama, the lead developer of Shiba Inu, informed the Shiba community that work on the Shibarium project is actively ongoing. Additionally, another blog post was published on August 22, highlighting the developer’s other progress and stating that tests for the L2 platform are ongoing. Although a specific restart date has not been given, the lack of this information does not seem to dampen the enthusiasm within the community.

SHIB continues its bearish trend

In recent days, Shiba Inu has experienced a noticeable downward trend on the daily timeframe chart, showing a continuous decline since August 13 with occasional pauses.

At the time of writing this article, SHIB was trading with a marginal gain, but remained below 1% and appeared to be a slight recovery from previous significant losses. Additionally, the Relative Strength Index (RSI) for SHIB is at 40, highlighting the ongoing bearish trend.

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Lucien Renard
Lucien Renardhttps://en.coinotag.com/
Lucien Renard is a 24-year-old writer specializing in cryptocurrency analysis and price action. With a focus on technical analysis, Lucien provides valuable insights into market trends and potential opportunities for investors.
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