As an analyst with over two decades of experience in the financial markets, I’ve seen my fair share of market fluctuations and trends. However, the current surge in Shiba Inu (SHIB) is truly captivating. The massive spike in the burn rate and the subsequent price increase are not just numbers on a screen but indicators of a thriving community with a shared vision.
Today, Shiba Inu (SHIB) is drawing attention in the meme coin sector as its key performance indicators are showing positive trends. Notably, the SHIB burn rate has soared by an astounding 3,674% over the past 24 hours, resulting in the transfer of 53,312,864 SHIB to inactive wallets. This significant action emphasizes the surge within the Shiba Inu community as a whole.
Shiba Inu burn and surge
As an analyst, I’ve noticed a significant increase in the number of Shiba Inu tokens that have been incinerated. Specifically, we’re looking at over 410 quintillion SHIB that have been burned so far. At this moment, the circulating supply stands at approximately 583 quintillion SHIB. This underscores the substantial amount of tokens yet to be disposed of in order to align with the project’s long-term objectives.
Pending when more SHIB will burn, the impact of the current burn event has triggered a new run in the token’s price. As of writing time, the token has soared by 5.01% to $0.00001871, its highest monthly price level. Sentiment is very high for now, with the token’s trading volume jumping by 198% to $1.12 billion.
This week so far, the trading volume for Shiba Inu has been under $300 million, which underscores the excitement within its community. Notably, Shiba Inu has managed to surpass Avalanche (AVAX) in the rankings.
Riding Bitcoin wave
As an analyst, I’ve observed a surging energy among the altcoins, mirroring the escalating Bitcoin price rally. Previously, U.Today reported that Bitcoin achieved a fresh all-time high (ATH) as its value exceeded the $75,361 threshold.
Given the connection, altcoins such as Shiba Inu have jumped on the upward trend. Since Bitcoin is currently exploring new pricing territories, it might propel SHIB to surpass its multi-week resistance point of $0.00002.
In summary, the cryptocurrency sector is buzzing, and Shiba Inu (SHIB) is leading the charge. Proposals from Shytoshi Kusama aim to create a SHIB or crypto-focused Silicon Valley in the United States, which could further fuel innovation for this popular meme coin.
Read More
- SOL PREDICTION. SOL cryptocurrency
- LUNC PREDICTION. LUNC cryptocurrency
- BTC PREDICTION. BTC cryptocurrency
- USD COP PREDICTION
- TON PREDICTION. TON cryptocurrency
- USD PHP PREDICTION
- USD ZAR PREDICTION
- ENA PREDICTION. ENA cryptocurrency
- Top gainers and losers
- EUR USD PREDICTION
2024-11-06 14:00