The Shiba Inu (SHIB) community is buzzing with excitement as the meme coin’s burn rate has skyrocketed by over 1000% in recent days. This surge in burn activity, combined with a positive price outlook, has sparked speculation about a potential all-time high (ATH) for SHIB.
A Massive Spike in Burn Rate
According to Shibburn data, more than 6.54 million SHIB tokens were burned in the past 24 hours alone, representing a staggering 1041.91% increase in the burn rate. This significant jump has ignited discussions about a potential price rally for the meme coin.
A single wallet address, “0x608….9fe80,” has been responsible for removing a substantial portion of the tokens, contributing to the overall burn frenzy. This wallet has conducted two transactions, burning a total of 2.14 million SHIB tokens.
Growing Investor Confidence
The surge in the SHIB burn rate has coincided with a 6% increase in the coin’s price. SHIB is currently trading at $0.00001758, with a 24-hour high of $0.00001789. The trading volume has also jumped by 23%, indicating growing investor interest.
Also Read: Shiba Inu (SHIB) Soars 20% To 6-Month High Amid Shibarium And Burn Mechanism Surge
Furthermore, CoinGlass data shows a 20% increase in the SHIB Futures Open Interest, suggesting a positive sentiment among traders.
Potential for a Price Rally
A recent Shiba Inu price analysis suggests that the meme coin could be poised for a further rally. The analysis highlights the potential impact of a Bitcoin price surge on altcoins like SHIB. If Bitcoin gains momentum, it could create a favorable environment for SHIB to experience significant price growth.
While the recent developments are undoubtedly positive, it’s important to approach the potential for an ATH with caution. The cryptocurrency market remains highly volatile, and factors beyond the burn rate and price analysis could influence SHIB’s future trajectory.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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