The popular dog-themed memecoin, Shiba Inu (SHIB), is back in the headlines as a sharp shift in market sentiment has triggered bullish activity. 

According to data from CoinMarketCap, SHIB has recorded a 12.84% price jump and a 56% surge in trading volume within 24 hours – potential sign of renewed interest from both retail and institutional investors.

After a period of consistent price declines that left many investors doubtful about SHIB’s short-term potential, the memecoin staged a strong comeback on April 9, aligning with a broader rally across the crypto market.

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Source: TradingView

This surge coincided with a 7.50% increase in the total global crypto market capitalization, indicating a market-wide resurgence. 

SHIB’s massive trading volume increase suggests that buying pressure is building, possibly due to accumulation by whales or a wave of renewed retail investor enthusiasm.

Burn rate remains flat despite price rally 

While SHIB’s price and volume are pumping, on-chain fundamentals remain relatively stable. The SHIB burn rate, often used to measure efforts to reduce circulating supply and increase token scarcity, rose by only 10.87% over the same 24-hour period.

Only 18,933,035 SHIB tokens were sent to dead wallets, signaling that this rally is likely driven more by market sentiment than actual token utility or deflationary mechanics.

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This trend is consistent with recent data showing an 82.58% decline in SHIB’s weekly burn rate, as reported by U.Today. In the past seven days, just 110,754,521 SHIB tokens have been burned, leaving the total circulating supply at roughly 584 trillion.

Investors cautiously optimistic

Despite the muted burn activity, 88% of SHIB holders remain bullish on the token’s future, according to recent social sentiment analysis. 

However, the lack of strong on-chain activity supporting the price rally has raised concerns about sustainability, with some analysts warning of a potential short-term reversal if momentum fades.

The mixed signals are causing some investors to proceed with caution, watching closely to see if SHIB’s current breakout can evolve into a sustained upward trend.

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