Despite Price Lull, Shiba Inu Burn Rate Heats Up: Are Investors Preparing For A Mega Rally?

In
a
fascinating
twist
for
the
Shiba
Inu
(SHIB)
community,
the
rate
at
which
SHIB
tokens
are
being
burned
has
increased
significantly,
even
as
the
price
of
the
meme
coin
shows

modest
gains.

Recent
data
from
the
Shibburn
explorer
indicates
a
62.58%
increase
in
the
SHIB
burn
rate
over
the
past
24
hours,
with
approximately
6.9
million
SHIB
tokens
removed
from
circulation
through
10
separate
transactions.

Related
Reading

Recent
SHIB
Burn
Events
And
Market
Response:
A
Detailed
Analysis

Details
of
the
10
transactions
show
that
the
largest
single
burns
were
2.55
million
SHIB,
1.5
million
SHIB,
and
1
million
SHIB,
respectively.

In
addition,
over
the
last
week,
57.6
million
SHIB
were
burned,
marking
a
nearly
57%
decrease
from
the
previous
week,
indicating
a
weekly
burn
rate
in
decline.

HOURLY
SHIB
UPDATE$SHIB
Price:
$0.00002383
(1hr
-1.77%
▼
|
24hr
-3.80%
▼
)
Market
Cap:
$14,172,538,490
(-2.80%
▼)
Total
Supply:
589,273,577,774,968

TOKENS
BURNT
Past
24Hrs:
6,985,600
(62.58%
▲)
Past
7
Days:
57,671,544
(-56.28%
▼)

—
Shibburn
(@shibburn)

May
20,
2024

Despite
this
aggressive
approach
to
reducing
supply
recorded
in
the
past
day,
Shiba
Inu’s
price
has
not
mirrored
the
enthusiasm
seen
in
the
burn
rate.
Currently,
SHIB
has
seen
a

modest
increase,
up
by
0.1%
over
the
last
24
hours
and
1.6%
over
the
past
week.

This
performance
is
less
pronounced
than
that
of
other
meme
coins
like
PEPE,
BOME,
and
FLOKI,
which
have
seen
increases
of
11.6%,
8.9%,
and
6.5%,
respectively,
over
the
same
seven-day
period.

Meanwhile,
the
total
SHIB
burned
since
the
token’s
inception
now

stands
at
approximately
410.73
trillion
SHIB,
a
significant
chunk
of
the
initial
quadrillion
supply
created
by
the
anonymous
founder
Ryoshi
in
2020.

The
current
circulating
supply
of
Shiba
Inu
is
around
582.99
trillion
SHIB,
with
an
additional
6.28
trillion
SHIB
locked
in
various
staking
platforms.

Shibarium’s
Downturn
and
Bullish
Predictions
for
Shiba
Inu
Price

On
the
other
hand,
the
Shibarium
layer-2
solution,
designed
to
enhance
Shiba
Inu’s
scalability
and
efficiency,
is
experiencing
a
slowdown
in
on-chain
activity.

The
daily
transaction
count
has
dropped
to
11.91k,
a
sharp
decrease
of
more
than
90%
from
the
121.91k
transactions
recorded
in
the
middle
of
last
month.

This
blockchain
platform’s
total
number
of
transfers
has
reached
417.50
million,
with
1.8
million
wallets
currently
connected.

Despite
all
these,
crypto
expert
Dami
Defi
has
shared
an
optimistic
outlook
for
Shiba
Inu’s
price
action.
The
analyst
noted
that
the
meme
coin
has
formed
a
descending
wedge
pattern
in
the
one-day
timeframe.

Related
Reading

According
to
Dami
Defi’s
analysis,
a
breakout
from
this
pattern
could
potentially
lead
to
a
surge
of
over
50%
in
SHIB’s
price,
pushing
it
to
around
the
$0.000035
level.

$SHIB
formed
a
falling
wedge
pattern
on
the
1D
time
frame

If
we
breakout,
a
price
pump
of
50%
+
is
expected
📈

Memeseason
continues.

pic.twitter.com/kgA353oLZK

—
Dami-Defi
(@DamiDefi)

May
15,
2024

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image
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