- SHIB burn rate surged 1538%, with 34.21 million tokens removed in 24 hours—driven largely by one wallet burning 17.13 million tokens.
- Price dropped over 5%, despite the burn activity, currently sitting near $0.00001093; trading volume also fell 44%.
- Analyst Javon Marks remains bullish, projecting a possible +550% rally to $0.000081—contingent on continued burns and improved macro conditions.
Despite the rough waters across the crypto market, Shiba Inu’s burn rate just spiked over 1500%, catching the eye of both traders and long-time SHIB believers. On Wednesday, April 9, burn tracker data showed roughly 34 million tokens were taken out of circulation—poof, gone. That’s a decent chunk, considering how sluggish things have been lately.
Now, whether this burn frenzy is enough to breathe new life into SHIB’s price? That’s still up for debate. The token’s been hammered pretty hard this year—down over 50% since January. From a high near $0.00002, it’s now hovering around $0.00001, and yeah… that stings.
What’s Behind the Burn Surge?
According to data from Shibburn, 34.21 million SHIB tokens were incinerated in the last 24 hours alone, sending the daily burn rate flying up 1538%. One wallet address—0x541f60e5576—was responsible for nearly half that, torching 17.13 million tokens solo. Wild, right?
Economics 101 says that if supply goes down, demand stays steady, and—boom—you get a price jump. But things haven’t exactly played out like that… at least not yet.
So far, SHIB’s total burn tally has crossed a whopping 410.73 trillion tokens (yeah, with a “T”), while 584.36 trillion are still floating around out there.
Wait… So Why Isn’t the Price Going Up?
Here’s the kicker. Even with this massive burn push, SHIB’s price actually dropped more than 5% today, sitting around $0.00001093. It hit $0.00001143 earlier in the day, but couldn’t hang onto the gains. Kinda confusing, right?
Zooming out, the weekly and monthly charts are also red—down 10% and 12% respectively. A big part of that? The ripple effects from Trump’s tariff chaos and escalating global trade tensions, which are giving all risk assets a hard time. Still, not everyone’s giving up hope.
One Analyst Still Thinks SHIB Can Soar
Crypto analyst Javon Marks isn’t flinching. He’s still betting on a +550% move up, with a price target of $0.000081. He’s been holding that line for a while now, and if SHIB can regain momentum—and if macro conditions chill out a bit—that target might not be so far-fetched.
Of course, it’s gonna take more than just burns. Macro tailwinds, fresh demand, and market-wide confidence will all need to show up if SHIB wants to retest its highs from the glory days.
Final Thoughts
Burns are ramping up. Prices? Not yet. But for SHIB holders, hope is far from lost. If the meme coin can ride out this volatility and keep reducing supply at this pace, there’s still a shot at a comeback.
For now, though, it’s mostly watch and wait. Eyes on the charts. Fingers crossed.
