The Shiba Inu burn rate has seen a noticeable improvement over the past day as the number of tokens being sent to the burn address has increased dramatically. This improvement comes at a time when the cryptocurrency market has started moving towards the green again, with digital assets like the Shiba Inu bouncing off their lows.

Shiba Inu’s burning rate increases by 874%

The burning rate of the Shiba Inu is barbed to fresh weekly highs as positive sentiment returned. Over 8.7 million SHIB tokens were sent to the dead address in the last 24 hours alone, leading to an 874.74% raise in burn rate.

To get more specific, 8,772,074 SHIB tokens were burned over the past day. This number came from a total of six wallets. However, the majority of the tokens burned came from just one wallet in two transactions less than 12 hours ago at the time of writing.

The wallet identified as “0xa9d1e0” burned over 95% of the total burn, sending millions of tokens to the burn address. In the first transaction, the Shiba Inu address sent 5 million tokens to the burn wallet. A few minutes later, the same Shiba Inu address sent 3.44 million tokens to the burn address.

Other notable burn transactions include another 100,000 tokens burned by the address above, with another Shiba Inu address burning 156,753 tokens at once. Another address burned 52,519 tokens, while 9,093 tokens was the lowest burn rate.

SHIB price bounces off lows

Currently, the raise in Shiba Inu burn rate seems to be following a rebound in SHIB price. Over the past week, Shiba Inu price rose by over 10% before falling again. Nevertheless, bulls remain in power as price holds the support level at $0.000017 very steadily.

The demand for the meme coin is also growing as the daily trading volume has increased drastically. Data from Coinmarketcap shows that the daily trading volume of Shiba Inu has increased by 51% over the past day, which translates to a volume of over $700 million in 24 hours.

If demand continues to grow, SHIB price could bounce back once more. Hence, a 20% move would push the price above $0.00002, turning this current resistance into support for the bulls. This could serve as a bounce point for further rallies.

At the time of writing, SHIB is trading at $0.00001749, down 9.18% over the past 24 hours.

Featured image created with Dall.E, chart from Tradingview.com