Shiba Inu’s burn rate skyrocketed by 3,600% in 24 hours, erasing 35.6 million tokens. As SHIB battles critical resistance levels, bullish sentiment builds for a potential price rally.
SHIB Burn Rate Surges by 3,600% in 24 Hours
The burn rate of SHIB has increased by 3,600% in the past 24 hours, with 35.6 million coins burned, according to data from Shibburn. For this period, the majority of the token burns occur in just two transactions. There was a burn of 15.5 million coins in one transaction and 11.1 million coins in another.
Since the value of the most popular meme coin could rise as more of them are burned, these token burns usually portend an optimistic view for the Shiba Inu price. In addition, Shiba's price has been stagnant despite the meteoric rise of Dogecoin and PEPE, two of the most popular meme coins, so this is a much-needed boost for them.
Crypto experts are still bullish on Shiba Inu, even if prices have been somewhat flat recently. According to crypto expert Shib Spain, SHIB is currently fighting for a valuable position between $0.000027 and $0.000030. But he did say that the meme coin will reach its ATH after it breaks this resistance level.
Shiba Inu Price Eyes January ATH Target Amid Market Optimism
Shiba Inu might potentially reach its current all-time high by January, according to a recent research by CoinGape. A recent upswing in Bitcoin's price, according to the research, gives reason to be optimistic that the leading meme coin can pull this off. Nevertheless, according to the analysis, in order for Shiba Inu to maintain its upward momentum, it is necessary to break over $0.000030.
In order for the top meme coin to have a prolonged price surge, other onchain measures, such as the SHIB burn rate, are negative for the Shiba Inu price. According to IntoTheBlock's statistics, crypto whales are now choosing not to invest in SHIB since the "Concentration" and "Large Transactions" metrics are unfavorable.
Bearish Metrics Could Stall Shiba Inu Price Rally
The "Net Network Growth" and "In The Money" measures, meanwhile, point to a downturn. The former is crucial because unsold Shiba Inu coins held by holders who are now losing money could cause a sharp decline in the price of the cryptocurrency. At the same time, the negative net network growth suggests that new investors aren't flooding the SHIB ecosystem.
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