[DigitalToday reporter Yesle Kim] Shiba Inu (SHIB) posted a 173,579 percent jump in its burn rate in a day, but its price remains sluggish, blockchain outlet The Crypto Basic reported on Feb. 13 (local time).

Burn tracker Shibburn showed 838,872 Shiba Inu tokens were burned in the past 24 hours. That was a sharp increase from 483 burned a day earlier.

The burn occurred in two transactions from the same address, for 580,858 and 258,014 tokens, and was confirmed to have started from the Coinbase-funded monarkoshi.eth wallet. The wallet moved SHIB tokens to the 0xe9caf address and then sent them to a burn address. Total burns reached 410.75 trillion tokens, or about 41 percent of the total supply of 999 trillion.

Despite the network activity, Shiba Inu's price reaction was limited. Shiba Inu rose less than 1 percent over 24 hours, which was attributed to a rebound in bitcoin and major altcoins. Shiba Inu posted its first bullish candlestick since a 12 percent surge on Feb. 6. Market experts see the current situation as an accumulation phase in a bear market, and some analysts are predicting Shiba Inu could rise 22-fold over the long term.

In the short term, a decline in trading volume is a problem. Over the past 24 hours, spot and futures trading volumes fell 9.6 percent and 8 percent, respectively, and over seven days they dropped 45.8 percent and 49 percent. Without a recovery in volume, further gains in Shiba Inu are likely to be limited.

The lack of a price response despite large-scale burns is the result of falling volume combined with overall market weakness. Long-term investors still expect upside potential, but a recovery in volume is essential for a short-term rebound, the outlet said.