Bitrabo Editorial
The burn rate for Shiba Inu has experienced a significant increase recently as more tokens are being sent to the burn address. This surge coincides with the overall improvement in the cryptocurrency market, with assets like Shiba Inu bouncing back from previous lows.
Dramatic Increase in Shiba Inu Burn Rate
The burn rate for Shiba Inu has surged to new highs following a resurgence in positive sentiment. In the past 24 hours, a total of 8.7 million SHIB tokens have been sent to the burn address, resulting in an impressive 874.74% spike in the burn rate.
To provide more specific data, 8,772,074 SHIB tokens were burned within the last day, with the majority originating from six wallets. Notably, one wallet, identified as “0xa9d1e0,” was responsible for burning over 95% of the total tokens through two significant transactions.
The first transaction saw 5 million tokens sent to the burn wallet, followed shortly after by another 3.44 million tokens sent by the same address. Additional burn transactions included 100,000 and 156,753 tokens from different addresses, along with lower burn rates from other wallets.
SHIB Price Rebounds After Recent Lows
The surge in Shiba Inu burn rate appears to be mirroring the recovery in SHIB’s price. Despite some fluctuations, the price of Shiba Inu has seen a 10% increase over the past week before correcting slightly. The price is currently holding steady at the $0.000017 support level.
There has been a noticeable uptick in demand for the meme coin, as reflected in a significant rise in daily trading volume. Coinmarketcap data indicates a 51% increase in Shiba Inu’s trading volume over the last 24 hours, totaling over $700 million in trading activity.
With growing demand, there is potential for SHIB’s price to recover further. A 20% increase would push the price above $0.00002, potentially establishing this level as a new support zone. Such a development could fuel additional upward momentum.
As of the latest update, the SHIB price stands at $0.00001749, representing a 9.18% decline within the past day.