As a seasoned crypto investor with years of experience in the market, I’ve seen my fair share of price swings and token burn rates. The recent surge in Shiba Inu’s burn rate is an intriguing development that has caught my attention.
Over the past 24 hours, there’s been a significant uptick in the number of Shiba Inu tokens transferred to the burn address, leading to an improvement in the coin’s burn rate. This development coincides with the crypto market’s recent shift from red to green, allowing digital currencies like Shiba Inu to recover from their previous losses.
Shiba Inu Burn Rate Spikes 874%
The past week has seen a significant increase in the Shiba Inu token burn rate, reaching new peaks, following renewed optimism within the community. In just the previous 24 hours, more than 8.7 million SHIB tokens were transferred to an inactive address, contributing to a staggering 874.74% surge in the burn rate.
Approximately 8,772,074 SHIB tokens have been eliminated from circulation in the last 24 hours. This total was derived from six distinct wallets. Notably, a significant portion of these burns originated from a single wallet through two transactions that occurred within the previous twelve hours.
The “0xa9d1e0” identified as a wallet was responsible for torching approximately 95% of the overall burn quantity, transferring vast amounts of tokens to the designated burn address. In the initial transaction, the Shiba Inu account transferred 5 million tokens to this burn wallet. Shortly afterward, another transaction from the same Shiba Inu account moved an additional 3.44 million tokens towards the burn address.
Notable transactions involving the burning of Shiba Inu tokens include the address above disposing of an additional 100,000 tokens, and another address burning a large batch of 156,753 tokens at once. Another transaction saw 52,519 tokens being burned, while the smallest burn rate recorded was for 9,093 tokens.
SHIB Price Rebounds From Lows
Recently, the increase in Shiba Inu’s burn rate appears to align with the recent uptick in SHIB‘s market price. Over the past week, SHIB’s value has surged by over 10%, only to dip once more. However, buyers continue to maintain control as the price firmly clings to its support at $0.000017.
The interest for meme coins, specifically Shiba Inu, is surging as evidenced by a significant increase in daily trading activity. According to Coinmarketcap, Shiba Inu’s trading volume has spiked by over 51% within the last day, resulting in a trading volume of over $700 million during this 24-hour period.
If the current upward trend in demand persists, Shib’s price may experience another recovery, surpassing the $0.00002 mark by 20%. Once reached, this level might then transform into supportive ground for bulls, potentially acting as a trampoline for additional price increases.
Currently, the SHIB price stands at $0.00001749, representing a 9.18% decrease over the past 24 hours.
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2024-07-18 21:41