Fresh data from the Shibburn wallet tracker reveals significant volatility in Shiba Inu's token burn rate. The weekly burn rate collapsed by 54.79%, with only 8,466,318 SHIB tokens burned over the past seven days. This decline coincided with a slight SHIB price drop, with the token trading at $0.00001287 and showing a 1.14% decline over 24 hours.
However, the situation dramatically reversed just days earlier. On September 8, SHIB recorded an extraordinary 1,682% surge in its daily burn rate, with nearly 1.25 million tokens removed from circulation within 24 hours. This pushed the weekly burn tally to over 21 million SHIB tokens, representing a 204.25% increase for the week.
The burn rate spike reflects growing activity across the Shibarium ecosystem, where SHIB and BONE serve as utility tokens powering transactions and applications. DefiLlama data shows Shibarium's total value locked (TVL) increasing 3.8% over the past three weeks to reclaim $1.6 million, marking a potential turning point after months of decline.
Meanwhile, SHIB's price has shown resilience, managing a 7.34% rise between Saturday and Tuesday despite the burn rate volatility. Technical indicators suggest bullish momentum, with the RSI finding footing above the neutral line at 55 and the MACD forming a golden cross with its widest lead since early August.