Shiba Inu burn rate skyrockets 200% despite price fluctuations

Shiba Inu Coin Burn Rate Soars 200% Amid SHIB Price Flux, What’s Next

The burn rate of Shiba Inu soared by 200% amid heavy price fluctuations in the last 24 hours. SHIB is now experiencing a green trade surge of 2.25%. However, it is interesting to note that the burn rate went as high as 200% despite multiple swings on the price chart. Investigations found that tokens were reportedly burnt after a massive wallet transferred 24.17 million SHIB tokens to a null address.

That wallet now has 162.25 billion Shiba Inu coins. It has been classified as a dead wallet, with investigations claiming that it was the primary source causing a surge in the burn rate. All in all, a single day in the life of Shiba Inu witnessed a burn rate of 210.27%, whipping out 24.63 million tokens from the supply.

Market sentiments are largely optimistic around the development. Traders and investors worldwide are still maintaining a cautionary movement to bring a blend of bearish emotions.

At the time of writing this article, the Shiba Inu coin had fallen slightly in the last 24 hours and was listed at $0.00002339. That reflects a growth of 0.07% in the last 7 days and a dip of 14.38% in the last 30 days. 

SHIB has been able to pick up the green trade in the last couple of hours. The shade is mutual regarding market cap – up by 1.68%. The 24-hour trading volume is down by 3.91%, with probable expectations of a further rise in

the future price of Shiba Inu.

The Relative Strength Index, or RSI, depicts a neutral sentiment by floating around 40. There is an obvious downward pressure, but analysts estimate it should align with the turbulence SHIB is experiencing in the market.

Shiba Inu liquidation translates to $472.24k. The future scenario is hard to predict and draw for Shiba Inu or any other crypto, except there is speculation that the self-proclaimed DOGE killer may soon surpass its market cap by bridging the gap of around $6 billion. 

SHIB’s market cap is currently around $13.79 billion. This brings its rank on the meme coin chart to second and on the global crypto market to 11th. Shiba Inu’s earliest goal is likely to be to enter the list of the top 10 cryptocurrencies worldwide.

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A surge in the burn rate comes 2 days after the Marketing Lead of Shiba Inu, Lucie, drew parallels between the ecosystem of SHIB and Bitcoin. Lucie said that SHIB is ultimately bound to follow the trajectory of BTC. The market has called this a bold declaration as Lucie continued urging everyone to participate and keep building around the native network.

David Cox: David is a finance graduate and crypto enthusiast. He projects his expertise in subjects like crypto and Blockchain while writing for CryptoNewsZ. Being from Finance background, he efficiently writes Price Analysis. Apart from writing, he actively nurtures hobbies like sports and movies.