Shiba Inu’s (SHIB) burn rate has spiked by 47872.88%, burning 28.1 million tokens in the last week. One transaction, in particular, is responsible for most of the burns, removing over 27 million SHIB tokens in one go. The sudden rise in burn rate could be due to increased network activity undertaken by the community. However, it is also possible that the burn rate spiked due to very few tokens burning on the previous day.
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Although SHIB witnessed a spike in its burn rate, the token’s price, on the other hand, has slumped. The popular memecoin is down 3.6% in the weekly charts. Nonetheless, SHIB is still up in the monthly charts.
Shiba Inu’s (SHIB) latest slump is following the current overall trend in the crypto market. Other cryptos, such as Dogecoin (DOGE), Chainlink (LINK), Polygon (MATIC), etc., are also down.
Will Shiba Inu regain momentum in December?
SHIB, although an immensely popular crypto, has suffered for most of 2023. Since January, the asset has risen by only about 2.7%. On the other hand, Bitcoin (BTC) has increased by over 100%, and Solana (SOL) has surged by over 500%. Dogecoin (DOGE), however, has performed similarly to SHIB. The development has led some to believe that memecoins have taken a backseat in 2023.
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However, many analysts anticipate Shiba Inu (SHIB) to regain momentum in December. According to analyst Captain Fabik, SHIB could rally 2X in December. The analyst cites SHIB’s trendline break out for his analysis. Nonetheless, SHIB will have to retest successfully for the rally to occur.