Burns in Meme Coin Never Stop: Did the Price Give the Expected Reaction After the Burn of 25 Million Dollars?

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Shiba Inu A notable event that occurred today in the ecosystem is that the Shiba community made a massive transfer to an unusable wallet. This transfer triggered an increase in the SHIB burn rate. Therefore, it seems to be attracting significant attention on the global crypto scene. According to CoinMarketCap data, SHIB’s significant decline today amidst this apparent increase in burn rate has created speculation among global crypto market enthusiasts, questioning the meme coin’s opposite price action compared to its burn increase.

While it is known that SHIB recorded an increase of approximately 200% last month, meme coin had gained a prominent position in this choppy crypto sea. A number of new features introduced to the Shiba Inu ecosystem in the last few days have further strengthened optimistic sentiments for the meme coin. However, with today’s significant decline, investors have started speculating about SHIB’s future price movement.

Supporting SHIB from the Community

Information disclosed by Shibburn according to, the community’s 25.16 million SHIB transfer to an unusable wallet increased its burn rate significantly today after hovering in negative territory. The nearly 70% increase in burn rate following the community’s massive unusable wallet transfer continued to showcase the meme coin community’s efforts to support SHIB’s market dynamics.

Shiba Inu continued to trend bullish in the broader crypto market, with 14.40 billion meme coins burned during the weekly burn, up 2081%. The launch of the community’s Shib naming service, new strategic collaborations and other innovative pursuits are adding to the recent market optimism on the Shiba Inu.

However, the meme coin has experienced significant fluctuations over the past week and has experienced a major decline at the time of writing.

At the time of writing this news, the price of the Shiba Inu coin has recorded a significant decline of 10.33% in the last 24 hours. It is currently trading at $0.00002982. The price drop below the $0.00003 level immediately created bearish momentum for the meme coin, overshadowing the community’s recent development efforts and burn logs.

However, Jacob Crypto, a leading crypto market expert, recently shared the possibility of an explosive price move for SHIB in a YouTube video. Additionally, he pointed out a very optimistic price point for the Shiba Inu. However, derivatives data showed a decline in the OI-weighted funding rate and open interest, while volume increased significantly.

This, along with increased market activity, has signaled a bearish sentiment among investors, potentially paving the way for a future price action reversal. Combined with a 33.56% increase in 24-hour trading volume and technical indicators indicating a buying trend, crypto- market enthusiasts expect future price movements to be imminent.


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