As a researcher with a background in cryptocurrency analysis, I’ve been closely monitoring the Shiba Inu (SHIB) market and have noticed an intriguing development: the daily burn rate of SHIB tokens has significantly increased by over 100% within the past day. According to data from Shibburn, a popular tracking website for SHIB burns, approximately 19.6 million tokens were burned in the last 24 hours, representing a substantial jump from the around 10 million tokens burned the previous day.
The number of Shiba Inu tokens being destroyed daily has significantly increased. In just one day, the burn rate has more than doubled due to investors actively trying to decrease the coin’s circulation. This surge in burns occurs alongside a price rebound from the weekend lows, indicating a positive shift in investor sentiment towards the meme cryptocurrency.
SHIB Burns Jump 101%
As a researcher examining data from Shiba Inu’s burn tracking website, Shibburn, I’ve noticed a significant uptick in the token burn rate. To be precise, over the last 24 hours, approximately 19.6 million SHIB tokens have been burned. This figure represents a substantial departure from the around 10 million tokens that were burned during the preceding day.
The increase in token burns amounting to 19.6 million represents a striking 101% rise in the burn rate, maintaining the swift pace observed in the previous week’s transactions. These burn events occurred through 11 distinct transfers, with the largest transaction sending a significant 8.5 million tokens to the inactive wallet. Notably, this same wallet is recorded to have transferred an additional 1 million and 2 million tokens to the burn address in two separate instances, accumulating a total burn of over 11.5 million tokens – accounting for more than half of the burned tokens in these transactions.
Notable among other burn transactions are three transactions from one address, totalling approximately 7.1 million tokens. Another wallet was responsible for burning 1.1 million tokens across two separate transactions, contributing significantly to the ongoing burn of around 20 million tokens.
As a researcher analyzing Shibburn’s data, I’ve noticed an intriguing trend: although the daily burn rate has risen, the weekly burned rate remains below the previous week’s figure. Specifically, 96.97 million tokens have been torched in the last seven days, representing a significant decrease of 48.34% compared to the prior week’s data.
Shiba Inu Could Reach A New ATH
After the significant drop in Shiba Inu’s price, cryptocurrency expert Zach Humphries shares his insights on potential future price developments. Based on his analysis, the market capitalization of Shiba Inu might reach an astounding $100 billion.
With a market capitalization of $10 billion for SHIB, a tenfold increase would bring its value up to $100 billion. This proportionate growth would also result in a new record high price for the meme coin, specifically $0.00017. In comparison, PEPE is currently valued at a $50 billion market cap, while BRETT from Base is predicted to reach a $30 billion market cap.
Currently, the Shiba Inu token price remains weak at $0.000017 despite a recent 4.5% decline over the past week. This setback has caused Shiba Inu to slip below Tron’s TRX in terms of market capitalization and rank as the twelfth largest cryptocurrency in the market.
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2024-06-26 16:41