In a significant development for the meme coin sector, Shiba Inu has captured attention once again as its burn rate skyrocketed by over 5500%. On May 10, approximately 26 million SHIB tokens were destroyed within a 24-hour period, injecting renewed optimism into the market outlook for the dog-themed meme coin.
According to data from Shibburn, Shiba Inu's burn rate surged by an astounding 5564.09%, resulting in the removal of 25.93 million SHIB tokens from its total supply. This surge in burn rate is seen as a positive indicator by investors, as the reduction in supply is expected to support a potential price increase.
Shiba Inu Burn Rate (Source:Shibburn)
As of the latest data, the price of the Shiba Inu token has experienced a 3.78% increase over the past 24 hours, trading at $0.00002351. This uptick coincides with the accelerated burn rate, while weekly data suggests consolidation with a mild 2.48% uptick. Shiba Inu's market capitalization has surged by 3.29% to $13,840,081,439, positioning it as the 11th largest cryptocurrency. Additionally, trading volume has modestly increased by 1.37%, reflecting growing investor enthusiasm.
SHIB/USD 24-Hour Chart (Source:CoinStats)
Shiba Inu's recent bullish movement is underlined by a symmetrical triangle pattern on its one-day chart, indicating a consolidation phase that could lead to an imminent breakout. Market participants are closely monitoring the situation, as the direction of the breakout remains uncertain. A breakout to the upside would signal bullish momentum, potentially pushing SHIB towards resistance levels. Conversely, a downside breakout could lead to a retest of crucial support levels.
SHIB/USD 1-Day Chart (Source:Tradingview)
Technical indicators suggest a period of consolidation and potential breakout in either direction. The MACD indicator is flattening around the zero line, indicating market indecision, while the RSI is approaching the neutral zone, signaling that SHIB could pivot in any direction. Traders are advised to closely monitor price movements for potential trend developments.
SHIB/USD 1-Day Chart (Source:Tradingview)
SHIB's burn rate surges by 310%, reducing supply and boosting trader optimism. Specific wallet addresses drive the increase. Despite recent price fluctuations, SHIB holds above crucial support levels, potentially rebounding. Long-term outlook hints at a rally to $0.0001 with sustained bullish momentum.
Xu LinSHIB briefly rises to 11th largest crypto with $17B market cap, alongside WIF. A subsequent 7% decline follows amid market correction. Analysts predict potential rally to $0.00006. On-chain metrics indicate some overvaluation, with MVRV at 1.43.
Huang BoLong-term SHIB holder realizes 419x profit: Bought 48B tokens for $2,625, sold for $1.1M. SHIB valued at $0.00002569. Another trader gains $1.11M from ETH trades.
EdmundShiba Inu (SHIB) saw a surge in activity as whales adjusted portfolios amidst market volatility. Despite this, SHIB's price remains stable at $0.00002552. Large transactions increased, suggesting potential market shifts.
Xu LinShiba Inu sees a surge in large transactions, hinting at bullish trends and potential major price action as whales reposition their holdings.
EdmundShiba Inu's Lucie shares inspiration amidst SHIB's price dip. ShibaSwap 1.75 launches on Ethereum and Shibarium, offering new opportunities. Grok AI likens Shibarium to a serene suburb, highlighting faster transactions and lower fees. Despite complexities, the upgrade offers hope for the SHIB community.
EdmundShiba Inu (SHIB) saw 1.7 trillion SHIB in whale transactions, but with a drop in volume to $40.48 million from a $223.76 million peak. Technical indicators show mixed signals, suggesting internal shuffling rather than genuine market interest. Consistent buying pressure is needed for a price surge.
Xu LinShiba Inu's recent whale transfer to Coinbase triggers speculation amid price slip. Bearish sentiment prevails as SHIB dips 2.60% to $0.00002445. Concerns arise over increased selling pressure and decreased market activity. Long-term outlook depends on community resilience and market control.
Huang BoSHIB sees 4.07% surge, outpacing DOGE's 1.48% hike. Speculation arises over SHIB surpassing DOGE. Short-term analysis favors SHIB, but DOGE gains more traders. Long-term sentiment favors DOGE. Both show potential for growth, with DOGE targeting $0.17 and SHIB aiming for $0.000033.
Huang BoSHIB sees 5% surge to $0.00002357 amid market uptick. Strong momentum, up 160% in a year. CoinGate integration boosts interest. Price may hit $0.00004. DOGEVERSE gains traction as multi-chain meme token.
Xu LinShiba Inu's token burn rate has experienced an unprecedented surge, with 9 billion tokens intentionally removed. Simultaneously, whale activity in large transactions has spiked by 1,300%. The project's ambitious move towards acquiring the .shib TLD aims to revolutionize internet engagement. Despite these developments, SHIB's current price shows a marginal decline.
SanyaShiba Inu's burn rate has surged to an unprecedented 3,963.36% amidst a significant cryptocurrency market downturn. Despite recent challenges, SHIB shows resilience, with potential signs of a trend reversal. The burning of over a million tokens adds an element of scarcity, impacting investor sentiment in a market facing uncertainties.
SanyaShiba Inu's token burn rate leaps with .shib domain launch, hinting at future price potential.
AlexDelayed SHIB token burns lead to community frustration, with unclear future timelines and possible impact of external factors.
Huang BoFollowing a record burn of over 8.3 billion tokens, Shiba Inu's burn rate has soared by an unprecedented 7,686,774.46%, coinciding with a wider upsurge in the cryptocurrency market.
YouQuanThe burn rate of Shiba Inu ($SHIB), the meme-inspired cryptocurrency, has witnessed an astonishing surge of more than 250% within a mere 24-hour span. This surge was triggered by a series of 23 substantial transactions, resulting in the removal of a substantial 47.9 million SHIB tokens from circulation.
JasperThe past year has seen an incredible rally in the crypto markets, with the total market capitalization increasing with billion ...
BitcoinistBased on the price of BNB and the number of blocks generated on BSC during the quarter, the BNB auto-burn mechanism automatically modifies the amount of BNB to be burned.
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