Shiba Inu’s burn rate spiked by 5,500% today, with nearly 26 million SHIB coins destroyed in the last 24 hours. This massive token burn coincides with SHIB’s price recovery within the past day.
Notable, Shiba Inu burns control the circulating supply, thus indirectly influencing the price positively. The latest burns seem to have boosted optimism among Shiba Inu investors.
Shiba Inu Burn Data Creates Bullish Sentiment Among Investors
Shibburn data shows that Shiba Inu recorded a notable burn rate spike of 5564.09%, wiping out 26 million SHIB from the total supply. This leaves about 589.27 trillion SHIB as the total supply.
Remarkably, Shiba Inu has burnt a massive 410.72 trillion tokens since the burns initiative was implemented. A large burn transaction triggered the spike in the burn rate. A wallet with the address 0xa9d1e08c7793a…, which transferred 24.17 million SHIB tokens to a null address, was spotted yesterday.
Data from Nasen also reveals that this wallet holds a total of $287.57 million worth of crypto assets. As of 5:17 AM EST today, the wallet’s holdings have increased to $345.95 million, confirming its status as a whale address.
Additionally, another whale address 0x0bae1851fb0…., burnt 1 million SHIB today. Also, Etherscan data reveals that this address still holds 17.32 million SHIB, which will possibly be burned later.
Shiba Inu’s Price Increases Based on High Burn Rate and Developments
SHIB’s price as of 5:23 AM EST is $0.00002335, representing a 3.6% increase in the past 24 hours and a 2.8% uptick in the last seven days. This is quite impressive, considering the recent market slump.
Shiba Inu has entered a price consolidation zone and will likely continue to build on its gains. Coinglass data reveals a 4.40% surge in the Open Interest (OI) for Shiba Inu, rising to $60.31 million.
While the burn rate spike and broader market recovery aided today’s price upticks, Shiba Inu ecosystem developments also contributed significantly.
According to Lucie SHIB, Shiba Inu’s marketing expert, Shibarium is actively engaging with potential investors through the Dubai token2049 event. Shiba Inu is the event’s gold sponsor, which allows it to connect with industry leaders for potential investment opportunities.
Also, data from MarketVecto, a subsidiary of asset management institute VanEck, launched the Meme Coin Index. According to this metric, Shiba Inu is up by 28.34%, directly behind Dogecoin at $30.77%.
It confirms rising investor interest in meme coins despite increased price volatility.
What is Next for SHIB?
SHIB has formed a Doji candlestick on the daily chart, confirming a shift in the bearish trend. Also, the $0.00002292 has acted as a price pivot as SHIB attempts to rally to the $0.00002429 price level.
Additionally, SHIB is approaching the median band of the Donchian Channel (DC), confirming rising buyer pressure. The RSI indicator is in the neutral zone, with a value of 45.34. If the RSI rises above 50, buyers have regained control over the market.
Based on its price performance in the last 24 hours, SHIB will likely rally to $0.00002429 in the coming days.
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