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$SHIB burn rate and price note a resurgence, but volume remains in the red. What does this mean for the $SHIB ecosystem?
After several days of declining burn activity, it appears that Shiba Inu has resumed its regular large-scale token burns. Data from blockchain tracking firm Shibburn shows a massive 580.28% increase in $SHIB’s burn rate over the last day.
This comes amid a broader crypto market rebound, with overall crypto market capitalization surging by 4.27% as of press time. $SHIB has also mirrored the uptrend in its burn metric, climbing 5.89% in price over the same period.
16,607,692 $SHIB removed from circulation amid weekly decline
According to a tweet posted by the data tracking firm, the $SHIB team burned 16,607,692 $SHIB over the last 24 hours — a massive 590.19% increase compared to the previous day.
$SHIB’s burn strategy involves sending large amounts of tokens to dead wallets in an effort to reduce the circulating supply and drive scarcity.
This three-digit spike in the burn rate has brought the total circulating supply of $SHIB tokens to approximately 584 trillion.
Despite this daily increase, the data reveals a notable decline in $SHIB’s weekly burn rate. The uptick for April 11 follows a slow week in which only 79.1 million $SHIB were burned, marking a 57.86% drop compared to the previous 7-day period.
HOURLY $SHIB UPDATE$SHIB Price: $0.0000122 (1hr 0.08% ▲ | 24hr 5.46% ▲ )
— Shibburn (@shibburn) April 11, 2025
Market Cap: $7,187,116,903 (5.68% ▲)
Total Supply: 589,252,243,610,998
TOKENS BURNT
Past 24Hrs: 16,607,692 (580.28% ▲)
Past 7 Days: 79,148,012 (-57.86% ▼)
While the reason behind the sudden jump in the burn rate remains unclear, speculation suggests the $SHIB team may have reignited the strategy to restore investor confidence and fuel bullish momentum.
Despite the surge in $SHIB’s burn rate, mirrored by its price jump to $0.00001232 as of press time, the token’s trading volume remains in the red, raising concerns among investors.
Data from CoinMarketCap shows $SHIB’s trading volume has slumped significantly by 21.54% to around $175.53 million as of April 11.
This suggests that the rebound in $SHIB’s burn rate and price may be driven more by internal community efforts than by actual trading momentum, leaving questions about the sustainability of its bullish trend.