The Shiba Inu burn rate has significantly increased in the past 24 hours, driven by substantial community burns. This marks a shift from the previous week's slow burn rate and suggests a renewed bullish sentiment among investors.

Shiba Inu Burn Rate Jumps 3,275%

According to Shibburn, a Shiba Inu burn tracking website, the burn rate has surged by 3,275% over the last day. Over 232 million tokens were burned during this period, compared to just 1.37 million the previous day.

Interestingly, although nine burn transactions were recorded, a single transaction from the "0xd9a84f7" address accounted for over 225.64 million SHIB tokens, worth about $5,000 at the time. This single transaction represented 97% of the total tokens burned in the 24-hour period, driving the significant increase in the burn rate.

This spike in daily burn rate also positively affected the weekly burn rate, which rose to 265.86 million tokens, a 560.94% increase from the previous week. The "0xd9a84f7" address alone contributed 85% of this total weekly burn.

Positive Metrics for SHIB

Alongside the burn rate, other metrics for Shiba Inu have turned positive as investor sentiment shifts towards bullishness. Crypto analyst Mags predicts a significant price increase for SHIB, suggesting that it has entered a buying zone and could potentially see a 3x rise, targeting the $0.00014 level.

However, there is a potential risk of further selling by long-term holders, as indicated by the high Age Consumed metric on the Santiment website, which tracks the movement of Shiba Inu tokens. If long-term holders sell, SHIB's price could drop below its current level of $0.0000224, possibly falling below $0.00002.

Currently, SHIB is trading at $0.0000224, with a 13% decline over the past week.