Shiba Inu Burn Rate Plummets 99% In A Day

Shiba Inu's price action in the past 24 hours has been characterized by a brief recovery after hitting a low of $0.00001237. This 24-hour price recovery is part of a 15% recovery

Shiba Inu price has shown a slight recovery in the past 24 hours, trading at $0.00001237 after recently hitting a low of $0.00001102 on March 11, which was its lowest point in over a year.

However, this recovery effort might be threatened by a slowdown in a key Shiba Inu metric.

Shiba Inu Burn Rate Drops 99%

Shiba Inu’s burn mechanism, which focuses on reducing the token supply to create scarcity and drive up value, has seen a massive 99.44% drop in the past 24 hours.

On-chain data shows that around 2,811,819 SHIB tokens have been sent to burn addresses in the past 24 hours.

This marks a 99.44% decrease from the previous day’s burn volume of over 500 million SHIB tokens.

The fact that the burn rate has decreased so sharply could spell trouble for Shiba Inu’s price recovery as it indicates a lack of activity in the community to burn SHIB.

Shiba Inu Price Action

Shiba Inu is currently trading at $0.00001285, showing a gain of about 3% in the past 24 hours.

A resurgence in the burn rate would be an important factor for Shiba Inu to sustain its recent gains and push for further recovery. Consistent and substantial burn numbers could help Shiba Inu establish a local bottom at $0.0001102 and pave the way for a stronger uptrend.

However, if the burn rate continues to decline over the next 24 hours, it could weaken this recovery effort and increase the likelihood of a retracement back toward its March 11 low.