Shiba Inu Sees Massive 7,911% Spike In Burn Rate, Will This Catalyze SHIB Price To $0.00008?

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As a seasoned crypto investor with a knack for spotting promising trends and understanding their underlying dynamics, I find myself intrigued by the recent surge in Shiba Inu’s burn rate. With a whopping 7,911% increase over the past 24 hours, it’s hard not to see this as a bullish sign for SHIB. If history repeats itself, we might just witness a return to the coin’s all-time high of $0.00008.

Over the past 24 hours, there’s been a huge increase in the number of Shiba Inu tokens being destroyed or “burned.” This trend is positive for the second most valuable meme coin, Shiba Inu, by market capitalization. The rise in the burn rate could potentially trigger a rally in the price of SHIB, aiming to reach its previous all-time high of $0.00008.

Shiba Inu Burn Rate Spikes By 7,911%

According to Shibburn data, the rate at which Shiba Inu tokens are being destroyed has skyrocketed by an astounding 7,911% over the past day. A staggering 281.9 million SHIB tokens were incinerated during this timeframe, with a significant portion of these (approximately 277.5 million) going to an inactive wallet. Additionally, another 7.2 million SHIB tokens were torched in a single transaction.

As an analyst, I’d like to point out that over 281.9 million SHIB tokens were incinerated within the last 24 hours, which makes up the vast majority of the total tokens burned in the past week. To be precise, a total of 312.3 million SHIB tokens have been torched during this seven-day period. This significant increase translates to a staggering 1731% jump in the weekly Shiba Inu burn rate.

Increasing the rate at which Shiba Inu tokens are destroyed (burned) might accelerate the rise of its price to approximately $0.00008. This is because the act of burning tokens makes the remaining ones more valuable, potentially driving up their value. As more tokens get burned, we may see even greater price increases for SHIB. However, it’s crucial to remember that sentiment within the broader cryptocurrency market significantly influences these token burns.

Recently, it’s been noticed that the rate at which Shiba Inu tokens are burned accelerates noticeably when Bitcoin‘s price increases. This isn’t surprising given the strong connection between Shiba Inu’s and Bitcoin’s prices. As a result, transactions for Shiba Inu tend to increase as investors rush to buy the meme coin whenever Bitcoin shows signs of becoming bullish again.

As a crypto investor, I’ve noticed that an increase in transactions often corresponds to a higher burn rate. Given this trend, it seems plausible that the Shiba Inu (SHIB) coin will maintain its bullish momentum and could potentially reach $0.00008 if the Bitcoin price maintains its upward trajectory.

Shibarium’s Network Activity Still Low

As a crypto investor, I’ve been keeping an eye on Shibarium’s activity, and it seems that the layer-2 network isn’t as bustling as I had hoped. The data from Shibariumscan indicates that daily transactions are still relatively low, rarely surpassing 10,000. This is significantly lower than the millions of transactions per day we saw towards the end of 2023 and at the start of the new year. It’s a bit disappointing, but I remain hopeful for its future growth.

It’s quite concerning for the Shiba Inu community that Shibarium appears to be losing popularity, given its substantial role in token burning in the past. If this layer-2 network experiences a resurgence in adoption, the daily burn rate of Shiba Inu tokens could potentially soar well above the current levels.

Currently, as I’m typing this, the Shiba Inu coin (SHIB) is being traded at approximately 0.000018 USD. Over the past 24 hours, it has experienced a nearly 2% increase, based on information from CoinMarketCap.

Shiba Inu Sees Massive 7,911% Spike In Burn Rate, Will This Catalyze SHIB Price To $0.00008?

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2024-10-15 21:41