Shiba Inu Burn Rate Soars 840% As SHIB Price Hits 2-Year High, What’s Next?

The popular meme coin Shiba Inu burn rate soared 840% today, sparking optimism among the crypto market enthusiasts. Meanwhile, the meme coin, often dubbed as the “Dogecoin killer,” has witnessed a remarkable surge, with its price skyrocketing by over 70% in a single day.

This unprecedented rally has not only propelled SHIB to a new high unseen in the last two years but has also fuelled the confidence of meme coin enthusiasts.

Shiba Inu Burn Rate Soars 840%

In a significant development, the Shiba Inu burn rate has skyrocketed by a staggering 840%, capturing the attention of investors, according to Shibburn. Over the last 24 hours, 35.30 million SHIB tokens were destroyed, marking a substantial increase in token burn activity.

Notably, this surge in burn rate, unprecedented in its scale, has injected further optimism into the Shiba Inu community, signaling robust demand and investor confidence. Meanwhile, wallet addresses such as 0xd52….bb80d, 0xf82….f4f9f, and 0x94f….50f16 were among the top contributors to this surge in token burn, further underlining the community’s commitment to reducing SHIB’s circulating supply.

It’s worth noting that the Shiba Inu burn rate holds significant implications for the future trajectory of the SHIB ecosystem. By reducing the circulating supply of tokens, the burn rate aims to create scarcity, drive up token value, and influence various aspects of the project’s growth.

However, while the surge in SHIB’s burn rate bodes well for SHIB’s price dynamics and investor sentiment, it’s crucial to maintain a balanced approach to ensure market stability and long-term sustainability.

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Price Rockets To 2-year High

The recent surge has sent the SHIB price to a new high not seen in the last two years. In addition, it also catapulted Shiba Inu to the 11th position by market capitalization, surpassing established cryptocurrencies like Tron (TRX) and Chainlink. This newfound status not only underscores SHIB’s growing prominence within the crypto space but also highlights the community’s unwavering support for the project.

As SHIB continues to capture headlines and attract investor attention, the question remains: will the rally sustain its momentum? With factors like the burn rate surge and community enthusiasm driving SHIB’s ascent, the cryptocurrency market eagerly awaits further developments to gauge the coin’s long-term trajectory.

Meanwhile, the Shiba Inu price was up 71.32% to $0.000022 during writing, while its trading volume over the last 24 hours skyrocketed $5.91 billion. It has also touched a high of $0.00002319 in the last 24 hours while adding nearly 130% in the last seven days.

Shiba Inu Price Chart

Looking at the SHIB derivatives data analysis by CoinGlass, the Shiba Inu Open Interest soared 83.33% to $77.97 million, suggesting a strong sentiment in the market. Considering that, several market pundits anticipate the rally to continue.

However, the Relative Strength Index (RSI) of the meme coin stood at 95.89, suggesting an overbought condition. Besides, the crypto market, especially the meme coins, is known for their volatile nature. Considering that, the investors should exercise due diligence before making their bets.

Source: TradingView

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