Amid significant price fluctuations observed in the past 24 hours, Shiba Inu’s burn rate has surged by approximately 200%, leading to speculation about the crypto’s future price trends. Shiba Inu, often dubbed as the “Dogecoin killer” meme cryptocurrency, has once again captured the attention of traders and investors worldwide.
Today, on May 9, the crypto has seen a notable increase in its burn rate, coinciding with the highly volatile price action experienced by SHIB recently. These developments have not only sparked excitement in the crypto space but have also initiated discussions among the global crypto community regarding SHIB’s potential future price movements. Let’s explore the current dynamics surrounding SHIB’s cryptocurrency.
Shiba Inu’s Burn Rate Surges Amidst Market Optimism
Notably, data from the meme coin’s burn tracker, Shibbrun, reveals a remarkable surge of 210.27% in the burn rate over the past 24 hours. This surge resulted in the incineration of 24.63 million tokens from Shiba Inu’s supply, aligning with the usual market sentiments of optimism.
Upon closer examination, it was discovered that a massive dead wallet transaction primarily triggered the surge in the burn rate. Shibburn’s data indicates that a wallet, identified by the address 0xa9d1e08c7793a…, transferred 24.17 million SHIB tokens to a null address.
This transaction has attracted considerable attention, particularly as data from Nansen revealed that the crypto holdings in this wallet amounted to a staggering $287.57 million. As of now, the wallet’s SHIB holdings stand at 162.25 billion SHIB. Collectively, this data has sparked widespread speculation across the broader crypto market.
SHIB’s Price Volatility and Market Dynamics
While composing this text, SHIB’s price experienced a slight decline of 0.62% in the past 24 hours, currently trading at $0.00002254. The token’s price movement depicted highly volatile behavior, with 24-hour lows and highs recorded at $0.00002236 and $0.00002318, respectively.
According to Coinglass data, there was a marginal 0.28% decrease in SHIB’s open interest, reaching $57.84 million, while volume increased by 2.31% to $113.34 million. This surge in trading volume, particularly in the derivatives market, may be contributing to SHIB’s turbulent price movement. However, the dip in open interest signals a bearish sentiment for Shiba Inu.
The Relative Strength Index (RSI) hovering around 40 indicates a broader neutral sentiment with some downward pressure on the token. This sentiment aligns with SHIB’s volatile price action, as the recent surge in burning activity aims to boost the token’s value.
Additionally, Shiba Inu liquidations, totaling $472.24K, suggest significantly reduced selling pressure compared to the substantial $133.52 million liquidations recorded across the global crypto market in the past 24 hours. This data reflects a tug-of-war between bulls and bears for control over the token, creating an uncertain scenario for its future price trajectory.
Notably, the SHIB token, ranked as the second-largest cryptocurrency by market capitalization, was featured in VanEck’s subsidiary’s meme coin index, highlighting its noteworthy market performance over the past year.
Important: 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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