Shiba Inu (SHIB) Network Activity Jumps as Burn Rate Spikes 1,086%
Shiba Inu (SHIB) may be nearing the end of a seven-month monthly loss streak as on-chain activity strengthens in March. According to Shibburn, SHIB burn over the past 24 hours reached 23,805,300 tokens, up 1,086% day-on-day.
Despite this positive network signal, SHIB’s spot price has recently dropped, creating concern among traders. The article notes that multiple price resurgences earlier in March helped offset weak moments, and SHIB’s projected monthly return is modestly positive (+2.8% vs. early March, per CryptoRank).
For traders, the key tension is clear: SHIB’s deflation metric is surging while price momentum remains unstable. If burn-driven demand continues to support bids, SHIB could try to hold a positive monthly balance and potentially break the long stretch of monthly declines. However, if the current price weakness persists, the burn surge may not translate into sustained upside—leading to more choppy, range-bound trading.
Neutral
The news is only partially supportive. The bullish part is clear: SHIB’s burn rate jumped 1,086% (23.8M SHIB burned in 24 hours), which often coincides with heightened community activity and potential demand. Also, SHIB’s monthly outlook is described as mildly positive (+2.8% vs early March), implying sentiment may be stabilizing.
However, the article also highlights a near-term bearish risk: SHIB’s price dropped even as burn activity spiked. Historically, sharp changes in burn metrics do not always translate into immediate price appreciation—especially in meme coins, where liquidity and broader risk-on/risk-off flows can overwhelm token-specific signals.
Short-term: traders may see “positive on-chain, negative/weak price” as a cue for choppy action—watch for confirmation via sustained volume and reclaiming key levels rather than relying on burns alone.
Long-term: if the burn acceleration persists and market conditions improve, SHIB could more credibly attempt to break its multi-month monthly loss streak. If burn activity fades while price remains weak, the move is more likely to be a temporary narrative boost rather than a trend reversal.