Shiba Inu (SHIB) is experiencing an unprecedented volatility spike in its burn rate, according to an observation of the data from Shibburn over the past six hours. While the burn rate spiked as high as 282% before writing, this growth rate remains unstable, showing a shifting stance in the responsiveness of the contributors to the token burn.
According to data from Shibburn, the total number of tokens incinerated over the past 24 hours has topped 6,643,089 tokens, with the burning taking place across seven transactions. Per the Shibburn data, the biggest of these transactions featured one that was almost 3.5 million, and another 2.5 million respectively. Worth noting is that these tokens are voluntarily burned by members of the community.
In the past 24 hours, there have been a total of 6,643,089 $SHIB tokens burned and 7 transactions. Visit https://t.co/t0eRMnyZel to view the overall total of #SHIB tokens burned, circulating supply, and more. pic.twitter.com/2ZfruZazNO
— Shibburn (@shibburn) February 6, 2024
According to the Shiba Inu outlook, this recovery in burn rate is not impacting the ecosystem enough to warrant a remarkable twist in the price of the token.
At the time of writing, Shiba Inu is changing hands for $0.000008897, down by 0.88% in 24 hours. The bearish outlook of Shiba Inu started this month, and expectations that its burn rate might recover are dampening, considering how much of a negative turn the burn rate has taken.
Prospective turnaround for Shiba Inu
Shiba Inu is in desperate need of a turnaround, seeing as the price is already eyeing a slide toward a major support level at $0.0000085. If this level fails to sustain, it might trigger a massive fallout for the token, a trend that will not be good for the price.
Several catalysts are working together to help secure the legacies of the SHIB price and return it to the $0.000009 price range, where it has found the most elongated security in recent times after surging past the $0.00001 level on more than one occasion in the past few months.
