Shiba Inu (SHIB) Burn Rate Soars 1,076%, How Will SHIB Price React?

Shiba Inu (SHIB), the crypto industry's second largest meme coin, opened the week with a massive bearish twist that showed a deep correlation with industry giants, Bitcoin (BTC) and Ethereum (ETH). At the time of writing, the meme coin is priced at $0.0000103, down by 1.45% over the past 24 hours and by more than 11% for the week.

While we can agree that this is a bad entry to the week, one of its key on-chain statistics, the burn rate, is experiencing a parabolic run at the moment. The burn rate has now surged by 1,076% as more than 10.5 million SHIB tokens have now been sent to dead wallets.

The Shiba Inu burn rate is a ready go-to metric to observe and judge a healthy network outlook, with and with its positive turn, we can deduce that there is a bullish fundamental behind the SHIB token. The higher burn rate compared to the previous day is an indication that Shiba Inu experienced more transactions overnight, which is not necessarily a bad one for the network.

The growth of Shiba Inu as the week evolves, however, now hinges on whether or not the transactions are tilted toward SHIB accumulation.

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Shiba Inu and general market trend

As often observed, Shiba Inu's burn rate always precedes a parabolic run in price, judging from rising investor optimism. However, the meme coin now has a major correlation with Bitcoin such that there will be a unique suppression of its efforts to grow and beat its current bearish momentum.

While there is a growing expectation from the burn rate to trigger a price run, a swift turn in the broader market outlook can further help fast-track the return to positive trading days for the SHIB digital currency.

The coin is currently experiencing a dominant sell-off and a price shift is largely the way forward from this point on, seeing it has crested at a major support level.