Shiba Inu Coin Burn Rate Skyrockets by 6,018%, Potential Price Rebound Expected
What Happened
Shiba Inu’s burn rate has surged dramatically, showing a 6,018.2% increase in the last 24 hours, according to Shibburn data. A total of 10.2 million coins have been burned during this period. On early Tuesday morning, both the SHIB/USD burn rate and whale transactions saw a significant rise, making traders predict a bullish price action ahead. Specific transactions on Monday included the burning of 5.6 million and 3 million coins respectively, with an additional 1.18 million coins burned in the afternoon.
Prominent crypto analyst Ali Martinez has marked a buy signal on SHIB's daily chart, supported by another well-followed crypto trader suggesting SHIB may be a more lucrative investment for those with larger wallets compared to smaller portfolio traders.
Price Action
In the past 24 hours, the price of SHIB has increased by 2%, now standing at $0.00001724.
Why It Matters
IntoTheBlock data reveals a remarkable 468.5% increase in large transaction volumes, with transactions exceeding $100,000 more than doubling from 54 transactions on June 23 to 125 on June 24. Data from Shibariumscan shows the total address count at 1.81 million and the number of completed transactions at 415.9 million. Spot On Chain data indicates a significant move by a Shiba Inu whale, who deposited 1.08 trillion SHIB—valued at $18.1 million between November and December 2023. This whale is sitting on an unrealized profit of $8 million, a 79% return on investment.
What’s Next
The influence of meme coins like Shiba Inu and Bitcoin's recognition as an institutional asset class is anticipated to undergo thorough exploration. This may dictate the future trends and investor behavior in the cryptocurrency market.
Key Takeaways:
- 6,018.2% increase in Shiba Inu’s burn rate over the last 24 hours
- Price of SHIB up by 2% to $0.00001724
- Significant whale activity contributing to potential bullish trends
- Increasing interest and exploration in meme coins and cryptocurrencies as legitimate institutional assets
