SHIB Burn Rate Soars 47000%: Is a Price Surge Next for Shiba Inu?

• Unprecedented Spike in Shiba Inu's (SHIB) Token Burn Rate
• The Detrimental Effect on SHIB's Price
• 2023: A Challenging Year for Shiba Inu
• What Does the Future Hold for Shiba Inu?

Unprecedented Spike in Shiba Inu's (SHIB) Token Burn Rate

An impressive increase of 47872.88% was noted in the burn rate for Shiba Inu$0.000010 -2.05%'s (SHIB) tokens, with 28.1 million tokens being burnt in the previous week alone. A single transaction had a significant impact, single-handedly eliminating over 27 million SHIB tokens. This abrupt escalation in burn rate may be attributed to the community's heightened network activity or possibly to a minimal number of tokens being burnt on the preceding day.

The Detrimental Effect on SHIB's Price

Contrary to the burn rate, the price of the SHIB token has experienced a downturn. Observations show a decrease of 3.6% in the weekly charts for the highly favored memecoin. However, despite this, SHIB is still showing progression in the monthly charts. The recent slump in Shiba Inu's (SHIB) value seems to be a part of the broader trend affecting the entire crypto market, with other cryptocurrencies, including Dogecoin$0.091 -0.42% (DOGE), Chainlink$15.6 -4.61% (LINK), and Polygon$0.967 -3.65% (MATIC) also experiencing a downturn.

2023: A Challenging Year for Shiba Inu

The year 2023 has posed significant challenges for the widely popular cryptocurrency, SHIB, which has only seen a modest increase of about 2.7% since January. Conversely, Bitcoin$42,260 -0.64% (BTC) has seen an increase of over 100%, and Solana$104 5.03% (SOL) has experienced a surge of over 500%. Dogecoin (DOGE) has a performance that mirrors SHIB, leading to the belief that memecoins have been less favored this year.

What Does the Future Hold for Shiba Inu?

Many market analysts anticipate Shiba Inu (SHIB) picking up momentum in the coming December. Analyst Captain Fabik suggests SHIB could see a rally of 2X in December, basing this speculation on SHIB's trendline break out. However, it is essential for SHIB to pass a successful retest for this rally to occur.

Edited by Jonathan Stoker