Shiba Inu Experiences 8000% Burn Rate Surge

Shiba Inu (SHIB) experienced a 8000% Burn Rate spike (Photo; Doc. U.Today)

JAKARTA - Shiba Inu (SHIB), one of the most popular meme-themed crypto coins, has again attracted the attention of investors with an astonishing spike in the burn rate. In the last 24 hours, the SHIB burn rate has increased by more than 8000%, raising optimism among the community and crypto speculators. However, amid this increased burn, the price of SHIB is still decreasing, in line with the broader trend of the crypto market.

Recent data from Shibburn on September 11 show that the Shiba Inu burn rate jumped to 8193.59%. Over the past day, about 3 million SHIB coins have been burned, while in the past week, the total number of burned SHIBs has reached 271.05 million coins. This burn process reduces the total supply of coins in the market, which could theoretically push prices up if demand remains stable.

The increase in the burn rate sparked positive speculation about the potential increase in SHIB prices, especially with new developments in the Shiba Inu ecosystem. A report from CoinGape Media revealed that Shiba Inu executive Badminton recently highlighted the launch of kunBONE on the Shibarium platform, which provides opportunities for developers.

Despite the spike in the burn rate and progress in its ecosystem, the price of SHIB is currently still stuck in the red zone. On September 13, 2024, the price of SHIB was trading at the level of 0.00001312 US Dollars (Rp0.20), down nearly 2.90% in the last 24 hours. Intraday's lowest price was recorded at 0.000001297 US Dollars (Rp0.19), while the highest price reached 0.00001367 (Rp0.21).

This price drop is in line with the broader trend of the crypto market, with SHIB's market cap dropping 2.85% to 7.73 billion US Dollars (Rp119 trillion), and 24-hour trading volume dropping 12% to 149.9 million US Dollars (Rp 2.3 trillion). This decline reflects concerns among investors who fear bearish momentum may continue.

In addition, data from Coininglass showed a 5% decline in futures SHIB's open interest to 25 million US Dollars (Rp385 billion), with the volume of derivative tokens also falling 36%. This further triggers uncertainty in the market regarding the movement of SHIB prices going forward.

Although the current market situation is still bearish, crypto analyst from CoinGape Media estimates that SHIB could increase by 8% in the near future. Volatility may occur, especially after the incident of hacking crypto exchanges in Indonesia involving 9 billion Shiba Inu tokens, as well as the general trend of the crypto market that is still volatile.