Shiba Inu Burn Rate Spikes 14,500%, But: Market Is 'Heavily Manipulated, Not Even Elon Can Pump Doge,' Says Marketing Lead

Shiba Inu's SHIB/USD relatively flat performance over the past week and month is accompanied by consistently rising burn rates.

What Happened: The burn rate has skyrocketed by 14,506.9% thanks to a burn transaction of 25 million coins around 17 hours ago, according to Shibburn data. Two more burn transactions of 2 million and 5 million were recorded in the last 24 hours.

The total SHIB supply stands at 589.3 trillion coins, while the 410.7 trillion coins have already been burned.

In a recent tweet, SHIB's marketing lead Lucie said that the SHIB supply cannot be changed because Shiba Inu’s creator Ryoshi burned the keys and no one has control over it. She believes the only way to reduce supply is "to be bought and burned, and that takes money."

Crypto trader DevEngineOz aka Ash stated that he has taken a small SHIB long position. He believes it offers decent risk/reward.

I've taken a small $SHIB long position here.

It lines up with my rules. Decent R/R and clear trapped traders, will depend on big guy as usual. pic.twitter.com/XHZWoNwO2l

— Ash (@DevEngineOz) September 15, 2024

Also Read: ‘Dogecoin Killer’ Shiba Inu Burns 11 Million Coins In A Single Day: A Breakout ‘May Spark The Next Wave Of An Over 480% Run,’ Trader Says

Why It Matters: In her latest X post, marketing lead Lucie assumes that even a desired listing will not impact any crypto coin's performance. She added that the market is "heavily manipulated and everyone is playing their own games."

Recently, neither new exchange listings nor Elon Musk’s tweets succeeded in pumping meme coins like Dogecoin DOGE/USD. "New crypto holders haven't entered the market yet, and adoption is still lacking," she concluded.  In the past seven days, SHIB is down 1.4%.

IntoTheBlock data shows Shiba Inu's large transaction volume surged by 174.5% and transactions greater than $100,000 almost doubled from 25 to 49 in a single day. However, daily active addresses dropped by 21.4%.

Shibariumscan shows new contracts spiked from 6 as of Sep.16 to 18 as of Sep.17.

What’s Next: The influence of meme coins is expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.

Read Next: 

• ‘Dogecoin Killer’ Shiba Inu’s Burn Rate Spikes 8,193%, But Technical Analysis Has Bad News For Bulls

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