Shiba Inu Goes Ballistic As Burn Rate Surges Twofold

Jul. 31, 2023
Shiba Inu Goes Ballistic As Burn Rate Surges Twofold

Shiba Inu is off to a blistering start as the popular meme coin’s burn rate doubled in a span of just 24 hours. This has rekindled prospects for a potential price rally after this week’s successful breakout of an ascending triangle formation.

The subsequent volatility after the breakout served as a stimulus for SHIB’s current momentum of burn rate, which represents the rate at which tokens are permanently removed from circulation. SHIB community members initiate this to increase the value of the meme coin.

According to data provided by the token’s official burn shibburn, in the past 24 hours, the SHIB community has sent over 79 million tokens to dead wallets or out of circulation, burning over 75% of the daily index.

Investors have given SHIB their full attention, as shown by the increase in significant transactions. According to on-chain statistics from the crypto asset intelligence service IntoTheBlock, there has been a striking 260% increase in high-value Shiba Inu transactions of $100,000 or more during the last 24 hours.

In just one day, there were massive transactions of SHIB coins worth $27 million. When you add up all the transactions of SHIB coins, it’s a vast number – 5.25 trillion transactions.

Even though the cryptocurrency market was undergoing many changes, a company called IntoTheBlock showed that the number of new people using SHIB coins daily increased. It went up by 357% more than the lowest point in the last three months. So, the year’s second quarter ended on a very positive note for SHIB.

A New Dawn Awaits for Shiba Inu

After the scintillating debut of its “Game-Changer” bridge of the layer-2 solution Shibarium, many in the Shiba Inu community hold out hope that one day, the sooner, the better, SHIB will first achieve $0.01 and then soar to $1.

A person who likes cryptocurrencies and uses the name DelCrxpto on Twitter said that the meme coin SHIB might become one of the top five coins in terms of value. They also said that another coin XRP, connected to Ripple and liked by many investors, might return to the top three. They mentioned this in a tweet and said these things will happen when the cryptocurrency market goes up again.

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Ammar Raza

Associate editor
Skilled in crafting compelling content, with a deep enthusiasm for blockchain technology. I offer precise and easily comprehensible perspectives on cryptocurrencies, decentralized finance, and the ever-evolving landscape. Count on me as a reliable resource to remain informed about the latest advancements in the world of crypto.