The post Shiba Inu burn rate surges 3,084% – Should traders expect a rally? appeared on BitcoinEthereumNews.com.

SHIB’s burn rate surged by 3084.6%, significantly reducing the circulating supply. On-chain activity and exchange metrics suggest reduced market engagement and growing reserves. Shiba Inu [SHIB] has recently caught attention with a dramatic surge in its burn rate, increasing by 3084.6% over the past 24 hours. At press time, SHIB was trading at $0.00001356, showing a 2.05% decline in the last 24 hours.  This massive burn rate surge suggests that efforts to reduce SHIB’s circulating supply may have a significant long-term impact. However, to fully understand the token’s potential for price movement, it’s essential to look beyond the burn rate and consider other key market metrics.  On-chain activity: transfer volume, address drops On-chain metrics show a noticeable shift in SHIB’s market activity. Over the last 24 hours, total transfer volume has decreased by 7.23%, signaling fewer coin transfers. Similarly, active addresses have dropped by 40.19%, indicating reduced wallet activity for sending and receiving SHIB. Additionally, the number of daily transactions has fallen by 39.23%. These declines suggest diminishing investor engagement or hesitation, pointing to a cooling market. This reduced activity may hinder SHIB’s ability to sustain upward momentum, even with the recent surge in its burn rate. Source: CryptoQuant Exchange dynamics: netflow drop and reserve rise – what’s the impact on SHIB? The exchange netflow data offers deeper insights into SHIB’s market dynamics. Over the last 24 hours, net deposits on exchanges have dropped significantly by 126.32%, suggesting reduced selling pressure as fewer SHIB tokens are being deposited. Meanwhile, exchange reserves have increased slightly by 0.33%, reaching 94.7 billion SHIB tokens. This rise in reserves may indicate that some traders are preparing for future sales, potentially leading to heightened selling pressure once SHIB’s price stabilizes. Source: CryptoQuant Price action alert: Breaking support or pushing past resistance? Shiba Inu is testing…

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Filed under: News - @ April 28, 2025 1:28 pm