Specifically, Shiba Inu’s burn rate has increased exponentially, climbing 580% over the past 24 hours. This increase comes at a time when the entire cryptocurrency market is recovering from a recent downturn. In the details released by the SHIB team, an additional 16,607,692 SHIB were burned, representing a 590.19% daily increase in burns.
The increase in burn rate matches up well with 5.89% increase in price for SHIB over that same time period. The total crypto market cap has jumped by 4.27%.
According to data from Shibburn, a firm specializing in blockchain data, SHIB’s burn rate is up 580.28% over the past 24 hours. While the rapid increase in the burn rate is impressive, it shows that the SHIB team is proactive. They’re trying to restore investor confidence and bullish momentum.
The SHIB team's decision to increase the burn rate could be an attempt to counteract the decline in trading volume. According to data collected by CoinMarketCap, SHIB’s trading volume has seen a 21.54% slump as of April 11. SHIB has seen a 57.86% decrease in its trading volume, compared to the week before that.
In terms of weekly burn rate, SHIB is on a downward trend by more than 50%. On the one hand, SHIB’s burn rate has skyrocketed in recent times while SHIB price shows bullish signs. With virtually no real trading volume, investor concern is brewing.
The SHIB team's move to increase the burn rate could be a strategic move to capitalize on the market's upward trend. SHIB’s burn rate surge coincides with a broader bounce in the crypto market.
