As a seasoned crypto investor with a knack for spotting trends and understanding market dynamics, I find myself intrigued by the recent developments in Shiba Inu (SHIB). With my years of experience navigating the volatile crypto market, I’ve learned to read between the lines and decipher the subtle signals that often precede significant price movements.
The popular meme cryptocurrency, Shiba Inu (SHIB), is showing a distinctive pattern indicating a possible price surge in the near future. Notably, this upward trend comes at a time when the rate of Shiba Inu tokens being destroyed, or ‘burned’, has significantly risen over the last month.
What’s happening on SHIB market
Based on information from CoinMarketCap, Shiba Inu (SHIB) dropped by approximately 5.19% over the last 24 hours, now trading at $0.00002836. However, despite this daily decrease, SHIB has experienced a 7.8% increase in the past week, leading to a 61.74% gain in the last month and a remarkable 239.6% rise for the year so far.
Observing the drop in SHIB’s price over the past 24 hours indicates a temporary adjustment. This could potentially trigger a surge when buying momentum resurges. Historically, investors tend to accumulate a cryptocurrency as its price decreases, which often results in an uptick in value.
A significant factor boosting confidence in SHIB’s upward trend is its increased trading activity. Over the past day, the daily trading volume has surged by 31.34%, reaching a staggering $6 billion, suggesting that investors are heavily invested in buying Shiba Inu coins.
Surge in Shiba Inu burn rate and whale activity
Over the last few days, the rate at which Shiba Inu tokens are being burned has significantly risen. According to U.Today’s report, around 1.4 million SHIB tokens were recently incinerated within a day, marking a substantial 486.32% surge in the burn rate.
The Shiba Inu group regularly performs token burns to lower the amount of SHIB coins available. With fewer tokens around and growing demand, the cost is anticipated to rise significantly.
Besides the surge in burn rate, large investors, or whales, have also increased their activities.
Over the given timeframe, there was a significant surge of about 396.38% in high-value transactions for the meme coin, amounting to approximately $245.63 million. Moreover, Shiba Inu observed an uptick of nearly 19.5% in daily active addresses, totaling around 8,720 during this period.
In a similar sequence of events, Shiba Inu’s main developer, Shytoshi Kusama, caused a varied response within the SHIB community through a witty, somewhat sarcastic tweet concerning SHIB burns.
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2024-12-02 17:53