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Consumption Rate Rises 200% Amid SHIB Price Flux, What’s Next?
Shiba Inu, the crypto meme positioned as self-proclaimed Dogecoin killer has once again sparked a storm of speculation among crypto market traders and investors across the world. Today, May 9th, the crypto saw a significant 200% increase in its consumption rate, a development that coincided with highly volatile price action experienced by SHIB over the last 24 hours.
These current market statistics have not only generated buzz in the crypto space but have also generated discussions among the global crypto community about SHIB’s future price movements. Let’s delve deeper into SHIB’s current crypto dynamics.
Increased Burn Rate Sparks Hope for Shiba Inu
Notably, insights simplified by meme coin burn tracker Shibbrun reveal that the burn rate increased by 210.27% in the last 24 hours. Furthermore, by incinerating 24.63 million tokens of the Shiba Inu supply, this increase in burn rate stimulates the market’s usual feelings of optimism.
Meanwhile, upon deeper investigation, it was discovered that a massive dead wallet transaction primarily triggered the increase in burning. Shibburn’s data shows that a wallet, with the address 0xa9d1e08c7793a…, moved 24.17 million SHIB to a null address.
This transaction attracted significant attention, as Nansen’s data further illustrated that crypto holdings at this address totaled a whopping $287.57 million. To date, the portfolio SHIB Holdings totaled 162.25 billion SHIB. This data has collectively triggered waves of speculation across the broader crypto market.
Read too: 3 Altcoins to Sell Amid Short-Term Market Correction
Shiba Inu Price Flows
Whereas, while writing, SHIB Price is down 0.62% in the last 24 hours and is currently trading at $0.00002254. With the token’s 24-hour lows and highs being $0.00002236 and $0.00002318 respectively, SHIB’s price trajectory illustrates a highly volatile movement.
Data from Coinglass illustrated a slight 0.28% reduction in the token’s open interest, reaching $57.84 million, while volume increased 2.31% to $113.34 million. This could be further driving SHIB’s turbulence as the derivatives market witnesses increased trading activity. However, falling open interest sparks bearish sentiment for Shiba Inu.
In the meantime, it is also worth noting that the RSI has fluctuated around 40, suggesting a broader neutral sentiment with some negative pressure on the token. This further aligns with SHIB’s turbulent price action, as the aforementioned burn surge comes as an effort to boost rival Dogecoin’s price action.
Furthermore, adding to the mixed sentiments in the market, Shiba Inu liquidations totaling $472,240 highlighted significantly reduced selling pressure. This is an underdog compared to the impressive $133.52 million liquidations recorded in the global crypto market over the last 24 hours. The aforementioned data underlines a battle between bulls and bears to take control of the token, painting an uncertain picture for the future price trajectory.
It is also worth mentioning that the SHIB token, the second largest cryptocurrency by market value, was highlighted in the VanEck subsidiary report meme coin indexunderlining the token’s remarkable market performance over the past year.
Read too: Bitcoin Sees Bids of $350 Million as BTC Price Drops, What’s Next?