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The meme coin Shiba Inu’s burn rate increased by 840%, raising excitement among crypto market enthusiasts. On the other hand, the meme coin, dubbed the Dogecoin killer, saw its price increase by over 70% in just 24 hours, resulting in a notable price movement. This rally brought SHIB to a price level not seen in the last two years and also drew meme coin aficionados to the market.
Shiba Inu Commentary
According to data provided by Shibburn, Shiba Inu’s burn rate increased by a massive 840%. In the last 24 hours, 35.30 million SHIB tokens were burned, removing them from circulation and indicating an increase in token burn activity.
Considering that such significant increases have been rare in the past, this points to a broader optimism within the Shiba Inu community. On the other hand, wallet addresses such as 0xd52…bb80d, 0xf82…f4f9f, and 0x94f…50f16 played a major role in the token burning, highlighting the community’s effort to reduce SHIB’s circulating supply once again.
The increase in SHIB burns presents an intriguing view in terms of SHIB’s price dynamics and investor sentiment. The continuation of this process will be important to ensure stability in the market and long-term sustainability.
SHIB Price Soars
The recent price movement seems to have pushed SHIB’s price to a new peak, unseen in the last two years. Moreover, this price movement has advanced Shiba Inu ahead of leading projects like Tron (TRX) and Chainlink, placing it at the 11th position in the market.
Investors are now seeking the answer to just one question. Can SHIB maintain its rally momentum? In addition to the supporting burn rate, a series of new developments are also speculated to impact the price.
Meanwhile, at the time of writing, the price of Shiba Inu had increased by 30.32%, trading at $0.00002182. The trading volume in the last 24 hours was at $5.91 billion. Furthermore, the price, which reached $0.00002319 in the last 24 hours, showed an approximate increase of 130% over the past week.
CoinGlass provided analysis of SHIB derivatives shows that Shiba Inu’s Open Interest rate rose by 83.33%, reaching $77.97 million, indicating a strong market expectation for SHIB’s price increase.
