SHIB witnesses 2000% surge in burn rate – what about its price

• Shiba Inu experienced a massive increase in its burn rate, resulting in the burning of over 202 million SHIB tokens.
• The recent spike in SHIB’s burn rate impacted its price, leading to a modest gain.

The world of Shiba Inu [SHIB] was experiencing a surge of progress at press time, particularly with the introduction of Shibarium. Notably, there has been a notable increase in its burn rate, influenced by several factors. Considering this spike in burn rate, one might wonder if it has affected the price of Shiba Inu as well.

Read Shiba Inu’s [SHIB] Price Prediction 2023-24

Over 2000% of SHIB burnt

According to the latest statistics from shibburn, Shiba Inu experienced a remarkable surge in its burn rate on 1 April. The data showed an increase of 2025.75% in the burn rate, which resulted in the burning of over 202 million SHIB tokens as of this writing.

Furthermore, the total number of SHIB tokens burnt has now surpassed 400 trillion.

Triggers for Shiba Inu burns

The burn rate of SHIB is subject to fluctuations due to multiple factors, including the volume of SHIB transactions, the token’s price, and the general market conditions.

Also, modifications made by the Shiba Inu team to the token’s burn mechanism can impact the burn rate. The modifications could be tweaking the transaction fee or introducing fresh burn events.

Volume and daily price move

Despite the launch of Shibarium’s testnet, it is important to note that the network’s main token currently in use is the Shiba Swap BONE [BONE]. In terms of SHIB’s trading volume, data from Santiment indicated that there had been no significant increase.

As of this writing, the trading volume of SHIB stood at over 217 million, with no significant spikes observed.

Source: Santiment

The recent spike in Shiba Inu’s burn rate also impacted its price. Upon analyzing SHIB’s price movement on the daily timeframe, it could be observed that the token had been on an upward trend for the past two days.

The previous trading session ended with a gain of over 2%, and as of this writing, it had a gain of over 1%. This slight increase in value caused the Relative Strength Index to move slightly above the neutral line.

Source: TradingView

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Over the past 30 days, Shiba Inu investors found a reason to rejoice as the token experienced a modest gain. The 30-day Market Value to Realized Value ratio (MVRV) showed that SHIB has moved to 0.652%.

This value suggested that the token has moved from being undervalued for months to being slightly overvalued.

Source: Santiment