News
SHIB Consumption Rate Increases 500%, Price Hike Imminent?
Shiba Inu, the self-proclaimed Dogecoin killer, has once again caught attention in the crypto scene, mainly due to his bullish crypto ventures. Insights from the Shibburn tracker revealed that the meme coin’s burn rate soared by more than 500% today, May 20.
This has injected a dose of optimism into the market among crypto traders and investors who are keeping an eye on meme-based crypto. Notably, the market supply of Shiba Inu takes a hit with these massive burn transactions, in connection with which strengthened tokenomics are highly expected for SHIB in the future.
Here is a detailed report on the current dynamics of the Shiba Inu market.
Shiba Inu Burn Sparks Hope for the Future
Shibburn’s The insights reveal that the burn rate soared by 579% in the last 24 hours, following the incineration of 9.83 million tokens in a series of transactions. Of these transactions, transfers to burn addresses from two specific addresses especially caught the market’s attention.
According to the data, the wallet address 0x608125… was recorded, transferring 3.10 million SHIB to a dead wallet through numerous transactions in the last 24 hours. Furthermore, the address 0xa9d… was also recorded as having transferred 4.69 million SHIB to a dead wallet in the last day. Transactions from these addresses appear to be responsible for the bulk of what has helped in the increase in SHIB consumption rate.
Meanwhile, it is important to note that despite the considerable amount of tokens destroyed, the meme coin trades in red today.
Read too: Top 3 Altcoins to Watch During the Week: SOL, FTM and LINK
Shiba Inu price drops
At the time of writing, Shiba Inu Price illustrated signs of pullback, falling 4.35% in the last 24 hours to $0.00002389. However, the weekly charts of the self-proclaimed killer Digecoin show an increase of 9.80%, highlighting the elevated volatility recently witnessed by Shiba Inu. Furthermore, its 24-hour lows and highs are $0.00002359 and $0.00002507, respectively.
Coinglass data further rationalized investors’ mixed sentiments in the market as derivatives volume increased by 21.61% but SHIB’s OI fell by 8.13%. This signaled an increase in trading activity for Shiba Inu, followed by a reduction in money flow into the market, which could potentially be driving the recent SHIB market volatility.
However, the RSI (Relative Strength Index) fluctuated around 48, signaling that the asset is neither overbought nor oversold. This added a layer of intrigue to Shiba Inu’s future price movements.
Read too: Pump Fun Hacker arrested in London makes worrying revelation