Shiba Inu Coin Burn Rate Soars 570% Amid Rally, Where’s SHIB Price Heading?

Highlights
- The SHIB burn rate spiked 570% in the last 24 hours amid the ongoing rally.
- The community burned over 12 million SHIB tokens to limit the supply.
- These continued community burns instill a sense of confidence toward the achievement of the $0.0001 target.
Shiba Inu (SHIB), the popular meme coin, has once again captured the crypto community’s attention with its latest developments. According to Shibburn, a tracker for Shiba Inu token burns, the burn rate for the meme coin surged nearly 570% on Wednesday, May 22. The surging burn rate sparked market optimism among traders and investors.
Shiba Inu Coin Burn Rate Spikes Drastically
The significant increase in the burn rate has reduced Shiba Inu’s market supply, which could have positive implications for its tokenomics moving forward. In the past 24 hours, the burn rate skyrocketed by 569.50%, according to Shibburn. Moreover, a total of 12.70 million SHIB tokens were incinerated in several transactions by the community. Notably, four specific wallet addresses played a major role in this spike.
The wallet address 0xa9d1… was responsible for shifting 4.6 million SHIB to a dead wallet via two gigantic transactions recorded a few hours ago. Furthermore, another wallet address, 0x608…, transferred 1.01 million SHIB to a dead wallet over the same period. These substantial transactions have been pivotal in driving the recent surge in Shiba Inu’s burn rate.
In addition, another community wallet moved, 0xc66…., moved 1.04 million Shiba Inu tokens to a dead wallet, successfully contributing to the burn rate spike. Hence the amount of total SHIB tokens burned stands at a massive 410.72 trillion. Moreover, the reduction in supply due to these burn transactions is seen as a potential catalyst for bolstering the value of SHIB.
For context, a lower supply with steady or increased demand could lead to price appreciation of any asset, including cryptocurrencies. This development has led to a spurge of optimism into the Shiba Inu community, with many traders and investors closely monitoring meme coin’s progress.
Also Read: 2 Key Factors Pushing The Shiba Inu Price To $0.001 In 2024
Will SHIB Surge To $0.0001?
The Shiba Inu price has successfully managed to breakout from the $0.000025, which served as a crucial resistance level. At the time of writing, the SHIB price was up by 1.39% to $0.00002562 on Wednesday. Meanwhile, the second-largest meme crypto boasted a market cap of $15.11 billion.
Moreover, the 24-hour trading volume for SHIB spiked 33.58% to $1.17 billion. As earlier reported by Coingape, the SHIB price is poised to surge to $0.00003 or even $0.00005 if it continues to trade above the critical resistance level mentioned. Furthermore, a rally to $0.0001 can be eyed in the long-term if the bullish momentum sustains.
The Shiba Inu price has surged significantly amid the overall positive sentiment in the market. Hence, the SHIB futures open interest also gained 9.24% to $90.77 million, according to Coinglass. However, longs dominated the liquidations with $471,170 liquidated, which could push the SHIB price in the red. Whilst, shorts account for nearly half of these liquidations, making their impact not-so-significant.
Also Read: Will The Meme Coin Market Cap Hit $100 Billion on Bullish Drive?
- Trump-Backed World Liberty (WLFI) Plans RWA Tokenization Paired with USD1 Stablecoin
- Stripe Eyes U.S. Banking Charter, Pioneers One-Click Stablecoin Issuance for Firms
- Breaking: Metaplanet Expands Treasury With 5,268 BTC Purchase, Climbs to 4th Largest Holder
- BREAKING: Nasdaq Files with US SEC to List BlackRock Bitcoin Premium Income ETF
- Mr Beast, Whales Buy ASTER Token Amid 20% Crash, What’s Next?
- XRP Price Outlook After Ripple CTO David Schwartz Resigns
- SUI Price Eyes $4.5 as Coinbase Futures Listing Sparks Market Optimism
- Chainlink Price Holds $20 Support Amid Tokenization With DTA Standard Progress – Is $47 Next?
- Analyst Predicts Dogecoin Price Surge as DOGE ETF AUM Hits $20M
- Ethereum Price Eyes $8,600 As Institutions And Whales Double Down
- Dogecoin Price Prediction – Chart Set-Up Highlights Perfect Buying Opportunity With Outflows Backing $0.45