Burn Rate Increased 200% Amid SHIB Price Change, What’s Next?
The meme crypto Shiba Inu, the self-proclaimed dogecoin killer, has once again fueled a storm of speculation among crypto market traders and investors globally. Today, May 9, a significant 200% increase in the cryptocurrency burn rate was recorded; This development coincided with the extremely volatile price movement experienced by SHIB over the last 24 hours.
These current market statistics have not only created excitement in the crypto world but have also sparked discussions among the global crypto community about future price movements of SHIB. Let’s examine the current cryptographic dynamics of SHIB.
Increase in Burn Rate Sparks Hopes for shiba inu
In particular, information provided by the meme coin’s burn tracker Shibbrun reveals that the burn rate has increased by 210.27% in the last 24 hours. Moreover, this increase in burn rate, with 24.63 million tokens in Shiba Inu’s supply being burned, adds to the usual sense of optimism in the market.
Meanwhile, upon deeper investigation, it was revealed that a large dead wallet transaction primarily triggered the burn spike. Shibburn’s data shows that a wallet going to the address 0xa9d1e08c7793a… moved 24.17 million SHIB to an empty address.
This transaction attracted a lot of attention, as Nansen’s data showed that crypto assets at this address totaled $287.57 million. At the time of writing this news, the wallet’s total SHIB assets reached 162.25 billion SHIB. Collectively, these data have led to surges of speculation in the broader crypto market.
Also Read: 3 Altcoins To Sell Amid Short-Term Market Correction
Shiba Inu Price Changes
Whereas, at the time of writing, SHIB’s price has fallen by 0.62% in the last 24 hours and is currently trading at $0.00002254. While the token’s 24-hour low and high values are $0.00002236 and $0.00002318 respectively, SHIB’s price trajectory shows a highly volatile movement.
Coinglass data showed that the token’s open interest decreased slightly by 0.28% to $57.84 million, while volume increased by 2.31% to $113.34 million. This may be adding to SHIB’s turmoil as the derivatives market witnesses increased trading activity. However, the decline in open interest triggers a downward trend for the Shiba Inu.
Meanwhile, it is also worth noting that the RSI is hovering around 40, signaling a broader neutral sentiment with downward pressure on the token. This is further in line with SHIB’s turbulent price action, as the aforementioned rise appears to be an attempt by its Dogecoin rival to increase its price action.
Additionally, adding to the mixed sentiment in the market, Shiba Inu liquidations totaling $472.24K also showed that selling pressure had eased significantly. This is a weakened value compared to the massive liquidation of $133.52 million recorded in the global crypto market in the last 24 hours. The data mentioned above underscores the struggle between bulls and bears to gain control of the token and paints an uncertain scenario for the price trajectory ahead.
It is also worth noting that the SHIB token, the second largest cryptocurrency by market cap, is highlighted in VanEck subsidiary’s meme coin index, underlining the token’s notable market performance over the past year.
Also Read: Bitcoin Receives $350 Million Offer As BTC Price Drops, What’s Next?
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