Bitrabo Editorial
The burn rate of Shiba Inu has seen a remarkable surge in the past 24 hours, driven by substantial burns from the community. This uptick in the burn rate marks a shift from the previous week’s sluggish performance, signaling a resurgence of bullish sentiment among investors.
Significant Spike in Shiba Inu Burn Rate by 3,275%
Data extracted from the Shiba Inu burn tracking site, Shibburn, reveals a staggering 3,275% rise in the burn rate in the last day. The platform indicates that over 232 million tokens have been burned during this period, a stark contrast to the 1.37 million tokens burned the day before.
Notably, out of the total of nine burn transactions recorded, a single transaction accounted for the majority of the tokens burned that day. The address “0xd9a84f7” sent over 225.64 million SHIB tokens to the burn wallet, with a rough value of $5,000 at the time of the transactions, representing 97% of the tokens burned in the 24-hour timeframe and driving the 3,275% spike in the burn rate.
In addition to the daily burn rate surge, the weekly burn rate has been positively impacted by this burn as well. According to Shibburn, the weekly burn rate has reached 265.86 million, a 560.94% increase from the previous week. The “0xd9a84f7” wallet burn constitutes 85% of the total weekly burn up to this point.
Positive Metrics Emerging for SHIB
Aside from the Shiba Inu burn rate surge, positive indicators have recently emerged as investor sentiment veers towards a bullish direction. Notably, crypto analyst Mags has forecasted a significant price surge for the meme coin.
As per the analyst, SHIB has entered a buying zone, presenting a potential opportunity to invest before a notable upswing. Mags predicts a minimum 3x increase in the Shiba Inu price, setting a target at the $0.00014 level.
However, there is a potential threat to this upward momentum as long-term holders may be gearing up to sell. The Age Consumed metric on the Santiment website, which monitors the daily movement of Shiba Inu tokens and their last movement time, indicates a likelihood of increased selling based on the sustained high Age Consumed figure. If this materializes, the SHIB price could drop below its current value and potentially breach the $0.00002 level.
Currently, the SHIB price stands at $0.0000224, marking a 13% decline over the past week.