Shiba Inu burn rate increases by 1,500%
Shiba Inu burn rate surges 1,500% as 34 million tokens destroyed.
The Shiba Inu (SHIB) token saw a dramatic 1,500% surge in its daily burn rate on April 9, as nearly 34 million coins were permanently removed from circulation.
According to data from Shibburn, the spike was largely attributed to a single wallet that alone incinerated 17.13 million tokens, pushing the daily burn total to 34.21 million, reports CoinGape.
Despite this bullish supply shock, SHIB’s price fell over 5% intraday, underscoring the broader market volatility that continues to weigh on risk assets.
The sharp increase in the SHIB burn rate has reignited speculation about a potential price rebound, especially as total cumulative burns have now reached 410.73 trillion tokens. However, with 584.36 trillion still in circulation and no significant price reaction to the latest burn activity, investors remain cautious. SHIB’s value has dropped more than 50% year-to-date, falling from $0.00002 to below $0.000011, and recent attempts at a recovery have been thwarted by macroeconomic headwinds, including escalating U.S.-China trade tensions and market fallout from President Trump’s new tariffs.
Bullish Outlook Remains Despite Headwinds
While SHIB’s recent burn activity aligns with deflationary strategies that historically support token appreciation, current market conditions have muted its impact. Technical charts show SHIB down 10% over the week and 12% on the month, defying the expected positive response from a shrinking supply.
Still, some analysts remain optimistic. Crypto strategist Javon Marks maintains a long-held target of $0.000081 for SHIB, representing a potential 550% upside. He cautions, however, that achieving such gains will require not only sustained burn activity but also a reversal of broader bearish sentiment.
For now, the market continues to monitor SHIB closely, watching whether continued deflation and improved macro conditions can spark a turnaround. Until then, the meme coin remains under pressure despite bullish fundamentals.
Recently we wrote, that a new research report shows that President Donald Trump’s latest tariffs have rattled global financial markets, with crypto suffering sharp losses.
