Shiba Inu (SHIB) Sets Market Ablaze with 3,894% Increase in Burn Rate
NAIROBI (CoinChapter.com) – Shiba Inu (SHIB) has experienced a significant surge in its burn rate, skyrocketing by 3,894% and effectively reducing the token supply. The tracking platform Shibburn reported that 4,829,147 SHIB tokens were burned within the last 24 hours. This remarkable spike in burn rate aligns with a surge in whale buying activity.
A notable portion of the burn originated from a single wallet address, “0xc55…,” which transferred 4.03 million SHIB to a dead wallet. This move, combined with other smaller burns, showcases the SHIB community’s dedication to decreasing the circulating supply. Concurrently, two whales invested over $35 million in SHIB. Nine whale wallets collectively spent $35.2 million to acquire 1.356 trillion SHIB at an average price of $0.00002596.
These developments have sparked optimism for a potential rally in SHIB among traders. The crypto community is buzzing with excitement, with many speculating that the reduced supply could boost the token’s value.
Can Shiba Inu Surpass its All-Time High?
Currently, Shiba Inu (SHIB) is trading at $0.00002562, representing a 0.81% decrease in the past day. With a market cap of $15,097,744,693 (a 0.55% increase), SHIB holds the #11 spot in the rankings. Over the last 24 hours, SHIB’s trading volume hit $570,669,619, a substantial 36.37% increase, positioning it at #17 for volume. The volume-to-market cap ratio stands at 3.77%.
Although $0.00003 falls short of the all-time high (ATH) of $0.00008845 achieved in October 2021, sustained whale activity and ongoing burns could propel SHIB towards surpassing its ATH. Furthermore, the Shiba Inu team is actively combating fraudulent activities within its ecosystem, cautioning users following recent attacks on the Shibarium Layer-2 scaling solution.
The SHIB community remains hopeful. The surge in burn rate and whale activity may indicate a positive trajectory for Shiba Inu, potentially leading to a substantial price surge.
In essence, Shiba Inu’s recent surge in burn rate and significant whale activity have injected fresh optimism into the SHIB community. The burning of 4,829,147 SHIB tokens in 24 hours, alongside over $35 million in whale investments, underscores the potential for a price rally. While SHIB is currently trading below its all-time high, continuous burns and whale interest could drive its value upward in the future.