In the last 24 hours, Shiba Inu (SHIB/USD) has experienced a remarkable 1400% increase in its burn rate. This surge is attributed to the transfer of 105 million SHIB tokens to a dead wallet.
The spike in token burning aligns with the recent announcement that retired boxing star Manny Pacquiao’s charitable organization will be adopting the Shiba Inu network. This strategic move is aimed at enhancing the fundraising initiatives of Pacquiao’s charitable endeavors, introducing a new dimension to Shiba Inu’s ecosystem and community engagement.
Manny Pacquiao Foundation Adopts Shibarium, SHIB Token Burn
In a statement issued on Wednesday, former boxer-turned-politician Manny Pacquiao announced that the Manny Pacquiao Foundation would be incorporating Shiba Inu’s Layer 2 solution, Shibarium, into its funds management system. Operating as a non-profit, the foundation aims to optimize the cryptocurrency’s platform to elevate the impact of its charitable initiatives.
Shibburn, a Shiba Inu burn data tracker, reveals that a substantial 410.66 trillion SHIB tokens have been burned, accounting for a considerable portion of the 999.98 trillion SHIB max supply to date.
The significance of this development is underscored by crypto analyst Captain Fabik’s forecast. Predicting a potential 2x rally for SHIB by December, Captain Fabik remarked, “SHIB has broken out of its major trendline and is witnessing a retest. If the retest is successful, we might witness a Bullish Rally up to 2x by mid-December.”
#SHIBA $SHIB has broken out of a Major Trendline and is currently undergoing a Retest.
If the retest is successful, we might witness a Bullish Rally up to 2x by mid-December. 🚀 https://t.co/xwmUbRSdVp pic.twitter.com/L9bwnm4TKb
— Captain Faibik (@CryptoFaibik) November 15, 2023
Potential Impact on Shiba Inu’s Valuation in 2023
If Captain Fabik’s projection materializes, the anticipated bullish rally could drive Shiba Inu’s valuation to $0.00001694, potentially marking a new high for the meme coin in 2023. This forecast introduces a heightened sense of anticipation and speculation within the Shiba Inu community.
Important:Â Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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