Shiba Inu (SHIB) is experiencing a surge in price, climbing 8% higher in the past week. The momentum is attributed to several key factors, including a dramatic increase in the burn rate, large whale transactions, and the anticipation of a major new project.
The burn rate for SHIB has exploded, witnessing a 7,168% surge. This surge was driven by two significant transactions that destroyed a combined 7.9 million SHIB tokens. According to Shibburn data, one transaction burned 6.9 million SHIB, while another burned 1 million SHIB. Both transactions took place within the past 24 hours.
Adding fuel to the fire, Lucie, Shiba Inu’s marketing lead, has hinted at an exciting new project in her recent X post, stating, “Something big is coming!” She added that there is much speculation surrounding the project, with possibilities including the ShibMarketplace, Shibahub or Treat, or even a completely new development.
Lucie has also recently advocated for a shift in crypto coin strategies, urging coins to stop chasing exchanges and embrace DeFi. She emphasizes the importance of being responsible for holders, encouraging them to learn how to use DeFi wallets, familiarize themselves with blockchain basics, and protect their tokens using hardware wallets.
Arkham Intelligence data reveals that Robinhood’s SHIB holdings have increased to 47.2 trillion SHIB from approximately 44 trillion SHIB on June 25. This increase in whale holdings aligns with the surge in large transaction volume, which has risen by 171.5% according to IntoTheBlock data. This surge is reflected in the number of transactions exceeding $100,000, which has jumped from 25 to 61 in a single day. Shibariumscan data also points to increased activity, with daily transactions rising from 3,960 to 7,530 in a single day, while new contracts increased from 2 to 16 during the same period.
The upcoming Benzinga’s Future of Digital Assets event on November 19 will delve deeper into the influence of meme coins, providing further insights into the evolving landscape of the crypto world.
