SHIB Burns Up 11,000%, Price Ready To Go Up?

<p>&nbsp;"But SHIB is now just flat, can the price go up?"</p><p><br /></p><p>Shiba Inu (SHIB) which is the second largest memecoin after Dogecoin (DOGE) has caught the attention of cryptocurrency investors when its burning activity saw a big climb, but not for its price.</p><p><br /></p><p>There's no denying that the SHIB community has made tremendous progress through burning, but its price continues to plummet with no signs of going up.</p><p><br /></p><p>According to the data disclosed by Shibburn, the burning rate of SHIB in the past 24 hours which showed an increase of more than 10653.65% has burned 29.57 million SHIB while the total number of tokens burned is 410.663 trillion.</p><p><br /></p><p><br /></p><p>However, the transaction that got attention in the crypto market burned 261.40 million SHIB and then transferred the amount to a wallet that had been inactive for several years while there was also a transaction transferring 21.52 million SHIB to a dead wallet.</p><p><br /></p><p>Although the common belief is that burning tokens will increase the price, SHIB's case seems to be different as the memecoin fell immediately after it was burned several years ago.</p><p><br /></p><p>SHIB's price drop also comes despite a new announcement by the community that they will join hands with Italian soccer team Napoli to implement a project.</p><p><br /></p><p>Even so, the skyrocketing burn rate witnessed recently has led crypto market watchers to expect the price of SHIB to skyrocket in the near future.</p><p><br /></p><p>As of this writing, SHIB price plunged by 4.45% at $0.0000080 in the last 24 hours with a market cap of $4 billion and recorded a plunge of 2.91% over the last week.</p>