Bitrabo Editorial
Shiba Inu has experienced a sharp increase in the daily burn rate recently, with over 19.6 million tokens burned in the past 24 hours. This spike, representing a 101% rise in the burn rate, comes amidst a rebound from weekend price lows, indicating a positive market sentiment.
SHIB Burns Soar by 101%
Data from the Shiba Inu burn tracking website, Shibburn, reveals a significant jump in the burn rate. In a day, 19.6 million tokens were burned, more than doubling the previous day’s burn rate of around 10 million tokens.
The increase in burn rate, achieved through 11 transactions, included a standout transaction of 8.5 million tokens sent to the dead wallet. Furthermore, another wallet contributed over 11.5 million burned tokens through multiple transactions. Noteworthy burn events also involved 7.1 million tokens and 1.1 million tokens.
Despite the daily surge, the weekly burn rate fell short compared to the previous week, with 96.97 million tokens burned, showing a 48.34% decrease from the prior week’s figures.
Shiba Inu Poised for New All-Time High
Crypto analyst Zach Humphries predicts a potential market cap increase for Shiba Inu, suggesting it could reach $100 billion. With the current market cap at $10 billion, this projection implies a 10x increase and a new all-time high price of $0.00017 for SHIB.
Alongside Shiba Inu, Humphries mentions PEPE and BRETT, foreseeing market cap milestones for these coins as well. Meanwhile, Shiba Inu’s price remains at $0.000017, following a recent 4.5% decline, causing it to slip to the 12th spot in market cap rankings below Tron’s TRX.