The burn rate of Shiba Inu has skyrocketed by 200% amidst significant price fluctuations in the past 24 hours. Despite several swings in the price chart, SHIB is currently experiencing a 2.25% surge in trading. Notably, the burn rate spiked to 200% following reports of tokens being burned after a large wallet transferred 24.17 million SHIB tokens to a null address.

This wallet now holds 162.25 billion Shiba Inu coins and has been labeled as a dead wallet, believed to be the primary factor behind the surge in the burn rate. In a single day, Shiba Inu witnessed a burn rate of 210.27%, removing 24.63 million tokens from circulation.

Market sentiments are largely positive regarding this development, although traders and investors worldwide are proceeding cautiously, resulting in a mix of bearish sentiments.

As of writing, Shiba Inu's coin price has slightly decreased in the past 24 hours, standing at $0.00002339. This reflects a 0.07% growth in the last week but a 14.38% dip in the last month. However, SHIB has recently picked up in trading volume and market cap, showing a mutual increase.

The Relative Strength Index (RSI) indicates a neutral sentiment, hovering around 40, with analysts noting downward pressure, likely reflecting the turbulence SHIB is experiencing.

The future outlook for Shiba Inu remains uncertain, but there's speculation that it may surpass its market cap by bridging a $6 billion gap, positioning itself closer to its self-proclaimed title as the DOGE killer. Currently, SHIB holds a market cap of approximately $13.79 billion, ranking second among meme coins and 11th in the global crypto market. Its goal is to enter the top 10 cryptocurrencies worldwide.

The surge in the burn rate occurred two days after Shiba Inu's Marketing Lead, Lucie, drew comparisons between SHIB's ecosystem and Bitcoin, suggesting SHIB's trajectory will follow BTC's. This declaration has been perceived as bold, with Lucie encouraging continued participation and development within the native network.