In a dramatic turn, Shiba Inu (SHIB) has ignited the market with a 4,411% burn rate surge, sparking a rapid price rebound and renewed excitement among investors as the meme coin fights to stabilize.

Shiba Inu Burn Rate Soars 4,411%

An inherent deflationary control mechanism called burn has been activated by the dog-themed meme coin Shiba Inu (SHIB). Millions of tokens have been burned in the last day, sending the burn rate soaring to an unprecedented 4,411.52%, U.Today reports.

As to Shibburn's statement on X, a grand total of 1,110,602 tokens were distributed to inactive wallets. The exact number of tokens burned in the past seven days is 114,618,006, as reported by Shibburn's hourly rate update.

In terms of total tokens taken from circulation and rendered useless, this is a gain of 418.9 percent.

SHIB's Price Rebounds 0.24% After Burn

As a supply management technique, the burn rate has always been used by Shiba Inus to try to stabilize prices and maybe even induce a price rebound. The strategy appears to have been successful, as Shiba Inu's price has increased by 0.24% and is currently trading at $0.00001411, as reported by CoinMarketCap.

This action has stopped the falling trend in Shiba Inu prices, but SHIB is still trading lower than Friday's $0.00001427. Nevertheless, the arrest of the price slide has brought relief to Shiba Inu investors.

Burn Rate Surges 4,411%

The original intent of the burn mechanism was to decrease the supply of tokens in the meme coin with the expectation that their value would rise. The most recent burn rate of 4,411% did produce some results, but just a small amount.

If the SHIB community wants more stable prices, they may need to get creative. Importantly, according to market analysts, the asset only recovered a small amount before falling back down again after its downfall in June.

Several on-chain indicators for SHIB show a negative trend, which market watchers have taken to mean that Shiba Inu hasn't been stable or tried to break beyond the $0.000015 threshold.