The meme coin Shiba Inu (SHIB), often known as the “Dogecoin Killer,” saw a substantial boost in the cryptocurrency market recently, elevating investor expectations. Notably, SHIB’s burn rate surged by an incredible 33,000%, resulting in a price increase of over 20% within just 24 hours. This uptrend mirrors similar movements in other meme coins such as Dogecoin, Pepe Coin, and dogwifhat.
What Led to the Massive Burn Rate Spike?
The extraordinary surge in Shiba Inu’s burn rate can be attributed to the incineration of 1.88 trillion SHIB tokens in the past day, which reduced the total supply to 589.26 trillion coins. A significant contribution to this burn came from the transfer of 1.87 billion SHIB coins to a designated burn address. This activity not only decreased the circulating supply but also spurred interest and speculation within the investor community.
How Did the Price React to the Burn Rate Increase?
Shiba Inu’s price climbed by approximately 21% to $0.00001932, with daily trading volume skyrocketing by 223% to $1.4 billion. This price movement reflects the positive sentiment driven by the increased burn rate, further supported by the overall bullish trend in meme coins. Additionally, coins like PEPE and Dogecoin saw significant gains, riding the wave created by SHIB’s momentum.
Additionally, on-chain activities for Shiba Inu have ramped up significantly, including increased trading volumes, robust circulation of SHIB, and heightened whale transactions, strengthening confidence in the coin. This surge in burn rate and other market dynamics have positioned Shiba Inu as a leading performer among meme coins.
- Open interest in Shiba Inu futures rose by 55%, reaching $65.14 million.
- Derivatives market trading volume increased by 338% to $679.77 million.
- Meme coin prices display a bullish trend, with SHIB at the forefront.
Shiba Inu’s unprecedented burn rate and subsequent price increase have revitalized interest in the meme coin market. Investors view these developments as promising indicators of SHIB’s future potential. Nonetheless, due to the highly volatile nature of cryptocurrencies, prudent and informed investment decisions remain crucial.