Shiba Inu’s burn rate turns negative – What next for SHIB?

• SHIB has continued to increase in price in the last 24 hours.
• The burn rate has, however, declined recently. 

Shiba Inu’s [SHIB] burn rate has displayed fluctuating trends over the past few days. The varying burn rate has corresponded to changes in some key metrics on its Layer 2 (L2) platform, Shibarium.

Shiba Inu’s burn rate turns negative

An examination of the Shiba Inu burn rate on Shibburn revealed that on 13th February, it experienced a 24-hour burn rate of over 1,800%. However, later in the day, the burn rate faced a downturn and turned negative, registering at -74.38%.

At the time of this writing, the burn rate was at -71.33% in the past 24 hours and -39.5% in the past seven days. The variability in the burn rate is correlated with fluctuations observed in some key metrics on Shibarium.

Shiba Inu sees new accounts on Shibarium

An analysis of Shibarium metrics showed a recent surge in two key aspects.

According to the Shiba Inu Shibarium scanner, both the number of new addresses and active addresses experienced a notable increase on 13 February.

Examining the metrics for new accounts, there was a substantial drop from over 200 on 7th February to around 20 in the following days. However, by the end of 13th February, the number of new accounts rebounded to 186. 

Source: Shibarium scan

Additionally, the metric for active accounts displayed a significant decrease from 732 on 11th February to around 554 in subsequent days.

Nonetheless, on 13th February, the number of active accounts surged to 826. This increase in both metrics suggests an influx of new users into the network and heightened overall activity.

These trends initially contributed to the rise in the burn rate before it experienced a subsequent decline.

Source: Shibarium scan

How much are 1,10,100 SHIBs worth today

SHIB sees sustained uptrends

AMBCrypto’s analysis of the Shiba Inu price trend showed consistent uptrends in recent days. While there have been occasional declines, the overall trajectory has been upward. As of the current writing, Shiba Inu was trading with a modest increase of over 1%.

However, it has not surpassed its short Moving Average (yellow line), which acts as a resistance level. Nevertheless, it has managed to breach the neutral line on its Relative Strength Index (RSI). This suggests a positive trend at the present moment.

Source: Trading View