Shiba Inu Burn Rate Soars 580%, Price Rises But Volume Weakens

Shiba Inu (SHIB) has seen a sharp resurgence in its token burn activity, recording a staggering 580.28% spike in burn rate over the past 24 hours, according to Shibburn. This follows several days of subdued burn activity, sparking renewed optimism within the SHIB ecosystem. A total of 16.6 million SHIB were sent to dead wallets, significantly reducing the circulating supply, which now stands at approximately 584 trillion tokens.

The burn coincides with a broader crypto market rebound, which saw global market capitalization increase by 4.27%. SHIB’s price has responded positively, climbing 5.89% to $0.00001232 as of press time. However, while both price and burn rate are up, trading volume tells a different story. SHIB’s 24-hour trading volume has dropped 21.54%, falling to around $175.53 million, according to CoinMarketCap.

This disparity suggests the recent rally may be driven more by community-driven efforts than strong market demand. Notably, SHIB’s weekly burn rate remains down, with only 79.1 million tokens burned over the last seven days — a 57.86% decrease from the previous week. The sudden spike on April 11 has led to speculation that the SHIB team may be using burns strategically to boost investor sentiment and reignite bullish momentum.

While SHIB’s price and burn rate gains are encouraging, the falling volume signals caution. Without strong trading activity to support the uptrend, the sustainability of SHIB’s recovery remains uncertain. As the meme coin continues to fluctuate, investors are watching closely to see whether this renewed burn strategy can truly fuel a lasting rally or if it's merely a temporary boost.