Shiba Inu stocks rebounded significantly in today’s trading after their sharp drop over the weekend.
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The burn rate of the prominent meme coin is on a solid rise after its value saw little change during a calm weekend trading session. According to Shibburn, 405% more tokens have been burned in the last 24 hours—though this makes up only 1/10th of all destroyed tokens
According to the most relevant data, users have sent more than 20 million tokens to a dead-end wallet in the last 24 hours—and this figure will surely grow higher as time goes on.
Traditionally, Shiba Inu’s burn rate rises after the weekend—when traditional markets are closed and overall activity is far lower. However, this does not necessarily mean that the cryptocurrency’s performance has anything to do with it.
The bulk of the burn volume is tied to network activity and rates at which retail investors provide funds that merchants later use to increase the amount of burned Shiba Inu.
The value of Shiba Inu has risen significantly in recent years.
The increasing demand for SHIB tokens could be linked to the potential price increase if buyers regain confidence in the market, which has not yet occurred. The asset’s price has remained stable over the past few days, suggesting that demand for it is high.
The SHIB token did not break through its resistance level, as the market took profits once the token reached a three-month high. The on-chain data showed that whales and larger retail investors were responsible for most of the pressure.
