- Shiba Inu burn rate spiked over 2000%, with 20M tokens removed in 24 hours.
- SHIB price dipped nearly 3% despite the large-scale token burn.
- Circulating supply holds at 584.37T, limiting short-term price momentum.
The burn rate for Shiba Inu tokens experienced a significant surge on Tuesday when it rose more than 2000% in one day. The official Shibburn tracking platform reported the removal of more than 20 million SHIB tokens from circulation. The recent activity has triggered new predictions about potential price growth for the widely recognized meme cryptocurrency.
SHIB Burn Rate Spikes Over 2000% in 24 Hours
According to Shibburn’s data on April 15, the Shiba Inu burn rate exploded by 2061.22% at the time of reporting. This surge in the meme token’s burn rate is in sync with 20.83 million coins removed from the asset’s supply intraday.
The token burn method that destroys tokens by transferring them to a null address remains fundamental to Shiba Inu’s operating structure. The strategy seeks to decrease supply to help maintain the value of the asset over the long term. The spike in Tuesday’s burn activity coincided with growing discussions among community members and traders about a potential upward shift in the token’s price.
Despite the burn activity, SHIB’s market price showed little immediate movement. The token experienced a drop of nearly 3% during the trading session before finishing at $0.00001193. The token hit its highest price of the day at $0.00001239 and then decreased to its lowest session point of $0.00001182.
Market Sentiment Divided Despite Token Reduction
While the burn rate offered renewed hope for supply-driven price support, broader market trends appeared to keep SHIB’s price in check. According to findings, Shiba Inu’s total circulating supply stood at approximately 584.37 trillion tokens. This massive number has drawn concern from market observers who feel the supply remains too high to influence short-term price action significantly.
Notably, an X account known as “wallstreetbets” emphasized that SHIB’s supply figures have not changed despite multiple token burns. The statement contributed to mixed reactions among traders who were already cautious due to the coin’s recent price performance. Still, the Shiba Inu community remains actively engaged in monitoring ongoing burn metrics and market signals.
One of the most-followed SHIB community members, SHIB Knight, mentioned in a recent post that a new price wave may be forming. The statement added momentum to the discussion surrounding SHIB’s future performance. According to SHIB Knight, a clear break above the $0.00001238 level could be a key trigger for the next bullish trend.
Technical Levels in Focus as SHIB Consolidates
As of the latest trading session, Shiba Inu continues to move within a narrow price band. Traders are now watching key technical levels to determine the token’s next direction. The $0.00001238 resistance has become a focal point, with a sustained breakout potentially opening the door to higher price levels.
Meanwhile, the community’s dedication to burning tokens remains consistent. Although the impact on price has not been immediate, the strategy aligns with long-term efforts to manage supply and support token stability. Ongoing burn rates and shifting market dynamics are expected to shape SHIB’s short-term trajectory in the days ahead.
