Shiba Inu’s burn rate has surged in recent days. But despite the spike in burn activity, the meme coin’s price remains mired in a slump. Data shows nearly 25 million SHIB were burned in the last 24 hours alone.
The disconnect between burn rate and price has left the community searching for answers. On social media and forums, debates are raging about why the dramatic burn uptick hasn’t sparked a rally.
Some speculate the timing of burns doesn’t align with price action. Others believe the sheer market downswing is overpowering any burn effects for now.
Trillions of Shiba Inu on the move
IntoTheBlock data also shows lots of SHIB moving between major holder wallets lately. Over 4.5 trillion SHIB flowed into large wallets the past two days—a 2,300% spike. Outflows from those wallets also topped 29 billion SHIB.
The reasons for the whale wallet activity aren’t clear. Some think anticipating exchanges means stockpiling SHIB coins ahead of potential listing news. Others see whales jockeying tokens ahead of a speculative rally.
But so far, the heightened burn and whale movement hasn’t translated to gains for regular investors. Since hitting highs of around $0.000088 in October 2021, SHIB has shed over 85% of its value. It currently trades around $0.000007.
For now, the disconnect between surging burn activity and languishing prices has the SHIB community scratching their heads. The meme coin boasts one of crypto’s most fervent fanbases, known for rallying around scarcity milestones.