The Shiba Inu ecosystem is off to a positive start this week, with the burn rate increasing significantly as the price of the meme coin recovers. According to a report from Shibburn, a Shiba Inu burn tracking website, the SHIB burn rate has risen by an impressive 233%. This is a turnaround from a slow weekend where burn rates declined rapidly.
As the new trading week begins, the total number of SHIB tokens burned has surpassed 56.98 million. This was achieved by sending tokens to the burn address across 29 addresses, with more than 3.7 million tokens burned in the last hour. The token burn has also resulted in an increase in the weekly burn rate, which now stands at over 316.7 million. This represents a 26% increase compared to the previous seven days.
The largest burns came from the ‘0x909a9’ and ‘0x4be2’ addresses, with a total of over 15 million tokens burned. This accounts for around 27% of the total burns for the day.
In terms of price recovery, Shiba Inu saw a reversal in its bull stretch since the beginning of the month. The price of Bitcoin surging towards the $28,000 level on Sunday had a positive impact on the rest of the crypto market, including Shiba Inu. The meme coin rose by around 1.24% in the 24-hour period, helping it secure support at $0.000007. While this recovery may not be as impressive as others, it provides some breathing room for bulls to regain their footing.
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However, Shiba Inu is still experiencing small losses of 0.59% on the weekly chart, indicating that bull control over the asset is weak. If momentum weakens further, bears could regain control. The daily trading volume of Shiba Inu has increased by 25.85% and is currently at $101.7 million, according to CoinMarketCap data. This suggests an ongoing battle for control between bulls and bears.
At this time, there doesn’t appear to be any specific event driving the price of SHIB, other than the recovery of Bitcoin. If the Bitcoin rally ends, it is likely that SHIB will follow suit and experience losses again.
In conclusion, the Shiba Inu ecosystem has seen a significant increase in the burn rate, with over 56.98 million SHIB tokens burned so far. The price of SHIB has also recovered slightly but is still facing resistance. The ongoing battle for control between bulls and bears will determine the future direction of the meme coin.
