Shiba Inu (SHIB) It has seen a massive spike in its burn rate over the past 24 hours, providing a bullish outlook for the second largest meme coin by market cap. This development is important as the rise in Shiba Inu burn rate could help SHIB’s price rise to its current level All time high (ATH) With a value of $0.00008.
Shiba Inu burn rate increased by 7,911%
Shipburn data It shows that the Shiba Inu burn rate has increased by 7,911% over the past 24 hours, with 281.9 million SHIB tokens burned during this period. A single transaction accounted for most of these tokens, amounting to 277.5 million SHIB codes He was sender To a dead wallet. Meanwhile, another 7.2 million SHIB tokens were burned in a single transaction.
It is also worth noting that the 281.9 million SHIB tokens burned in the past 24 hours also represents the most tokens burned in the past seven days, with 312.3 million SHIB tokens burned during this period. This represents a rise of 1,731% on a weekly basis Shiba Inu burning rate.
The boom in Shiba Inu burning rate It could trigger a price surge for SHIB to $0.00008 since burning the token ultimately makes the asset more valuable. Therefore, the price of SHIB may rise further as more tokens are burned. However, it is important to highlight the role that sentiment in the broader cryptocurrency market plays in these token burns.
Recently, the Shiba Inu’s burn rate has always increased significantly whenever possible Bitcoin prices rise. This is understandable, given the strong positive correlation between the price of SHIB and the main cryptocurrency. Therefore, the Shiba Inu tends to see a spike in its transactions, as investors look to accumulate the meme whenever they see BTC flipping higher again.
The spike in transactions eventually leads to this spike in the burn rate. In line with this, SHIB price will continue to boast a bullish outlook and appears poised to reach $0.00008 if Bitcoin price remains bullish.
Shibarium network activity remains low
Shibarium survey data It shows that Layer 2 network activity remains low, indicating a lack of interest among cryptocurrency users. Shibarium Daily transactions are still below 10,000, which is far from the millions of daily transactions recorded by the network at the end of 2023 and the beginning of the year.
Shibarium decline It is undoubtedly concerning for the Shiba Inu community, given the size of the network Contribute To symbolic burns in the past. If the layer 2 network begins to see significant adoption again, the Shiba Inu’s daily burn rate could be much higher than currently recorded numbers.
At the time of writing, SHIB’s price is trading at around $0.000018, up nearly 2% over the past 24 hours, according to Data From Coin Market Cap.
Featured image created with Dall.E, chart from Tradingview.com
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