Shiba Inu Burn Rate Skyrockets 5,094% Amid SHIB’s Explosive Week

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As a seasoned crypto investor with a knack for spotting promising digital assets, I must admit that the recent surge of Shiba Inu (SHIB) has caught my attention. With its burn rate skyrocketing by an impressive 5,094%, it’s hard not to be intrigued.

Over the past week, the burn rate of Shiba Inu (SHIB) has soared an astonishing 5,094%, marking a very successful period for this canine-themed digital currency.

As per the latest Shibburn report, approximately 2 billion SHIB tokens have been destroyed in the last week, marking a staggering 5,094% rise in the weekly burn rate. This surge in the burning of SHIB tokens corresponds with a robust upward price movement for SHIB over the past seven days.

1-hour Shiba Inu Update:

— Shibburn (@shibburn) September 29, 2024

Over the past week, I’ve noticed an impressive 37% increase in the value of Shiba Inu. This surge can be attributed to Shiba Inu breaking through significant resistance levels, leading to a sustained price uptrend for four consecutive days. The momentum peaked at $0.00002169 on September 27, only to face a formidable barrier, marking the end of this impressive rally.

The current surge in SHIB‘s price has sparked fresh interest in this cryptocurrency. In a recent tweet, Santiment, a platform for analyzing blockchain data, pointed out that conversations about SHIB and related projects such as Shibarium have significantly increased.

The volume, number of circulating Shiba Inus, and whale transactions have hit 10-week peaks, all at the same time as an increase in SHIB prices and influence on social media platforms.

At present, Shiba Inu is witnessing a period of profit-making, as its price has decreased by 2.16% over the past 24 hours to reach $0.00001948. Concurrently, the daily burn rate has also dropped significantly by 98.03%, with approximately 2,050,516 SHIB being burned during this period.

Shibarium fiat on-ramps and what’s next for SHIB ecosystem

In a recent tweet, Shiba Inu team member Lucie discussed Shibarium fiat on-ramps and what’s next for the SHIB ecosystem.

As stated by Lucie, Shiba Inu made a significant leap by incorporating fiat access points into Shibarium. This move facilitates easier entry into the Decentralized Finance (DeFi) realm. These access points enable users to purchase Bone or USDC using conventional currency, thereby eliminating the complexity involved in navigating blockchain procedures.

Moving forward, Lucie suggested that the SHIB team is investigating zkKYC, a privacy-centric approach to verifying users while keeping personal data secure. Moreover, there are proposals to implement fiat top-ups, allowing users greater convenience in funding their wallets using traditional payment methods.

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2024-09-29 19:03