Here's How Shiba Inu (SHIB) Burn Rate Reacts to 20% Price Spike

Despite the solid price gain on $SHIB, the meme currency does not seem to push the burning volume upward

, the burn rate has not changed drastically despite the recent price spike, which could be a sign that the asset is still not being widely used as a payment tool. This is because the main burning volume on the network is generated by merchants that accept SHIB and send it to a burning address, and the recent drop in the burning volume could be due to a decrease in network activity or a decline in the popularity of the token.

Since the beginning of the market-wide recovery in January, the asset has gained more than 79% to its value, outpacing many other cryptocurrencies like Ethereum or Solana. At press time, Shiba Inu has been trading at $0.00015 and has gained around 3% to its value in the last 24 hours.could be a result of speculation, it is important to note that the formation of bearish divergence between the Shiba Inu price and the Relative Strength Index could also play a role.

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