Shiba Inu, or CRYPTO: SHIB has attracted some attention recent after an explosive 487% surge in its burn rate in just 24 hours. According to the Shibburn data, this upwards movement was able to take out 5.9 million SHIB from circulation and only one transaction accounted for approximately 2 million burnt tokens. This rapid rise of the burn rate has bucked the collective optimism of the technical analysts regarding the bullish sentiment of the token.
Amazing news! Our fren @shiro will be building on #Shibarium and shifting liquidity to Shiba Swap after their upcoming launch.
Make sure to follow @shiro for the latest updates. #ShibArmy
🐈+🐕=❤️ pic.twitter.com/4r6vdU9piK
— Shib | TreatYourself Season (@Shibtoken) November 18, 2024
Shytoshi Kusama, lead developer of the pseudonymous project Shiba Inu, recently said that the idea of burning 99% of SHIB’s supply seemed impossible in the past, but the increasing collaborations within the Shibarium ecosystem now make it seem possible. Kusama called for other projects to include the Shibarium tech stack in order to accelerate the burn rate further.
Despite the surge in the burn rate, data from IntoTheBlock shows that the large transaction volumes have declined by 48% while daily active addresses have dropped by 24.6%. Transactions over $100,000 dropped to 626 from 939 in a day. Meanwhile, Shibariumscan reported an increase in daily transactions from 4.75 million on Nov. 23 to 4.77 million on Nov. 24. Shibarium’s total value locked (TVL) reached an all-time high of $4.76 million, according to DefiLlama.
According to Benzinga’s technical analysis, the relative strength index for SHIB currently reads 39. This means that the token is actually oversold a little, so it may rebound pretty soon. Shiba Inu’s 50-day SMA has also recently moved above both the 100-day SMA and 200-day SMA, which, according to technical analysts, marks the beginning of a positive trend and potential buys. Currently, Shiba Inu is trading at $0.00002564 while moving up by 2.5% over the last 24 hours.
🔥🔥$SHIB, the 13th-largest cryptocurrency by market cap has surged 34.36% in the past month, with its performance only bettered by $DOGE in the top 15 crypto assets.
LET’s GO 🚀🚀🚀#Shibainucoin #shibaArmy $TREES $SHIB $BONE $LEASHhttps://t.co/QndfNmfikm
— Shiba Inu (@ShibainuCoin) October 21, 2024
Rising the burn rate and hope generated by analysts are causing euphoria among the investors and enthusiasts of Shiba Inu. The rising rate of burn is considered to be a supportive measure toward reducing the total supply of SHIB, which will eventually help raise the price of the token in the long run. Cooperative efforts inside the Shibarium ecosystem promise to maintain the pace building up the burn rate, further boosting investor confidence.
As the Shiba Inu community continues to work towards its goal of burning 99% of the token’s supply, the future is looking bright for this meme-inspired cryptocurrency. In light of increased collaboration and growth in the Shiba Inu ecosystem, this cryptocurrency is expecting to make substantial steps forward in the cryptocurrency market.
