The Shiba Inu (SHIB) burn rate has surged by over 14,500% in recent days, fueled by several large burn transactions. Despite this, SHIB’s price has remained relatively flat. While the burn rate is a positive indicator, experts caution that market manipulation and lack of adoption continue to affect meme coins like SHIB.
Shiba Inu (SHIB) is experiencing a surge in price as the burn rate spikes, leading to predictions of a significant rally. An analyst cites bullish patterns and a potential 231% recovery to its 2024 highs. The burn rate has increased by 189.4% in the last 24 hours, with over 3.6 million SHIB tokens being incinerated. This surge in activity has attracted attention, with analysts suggesting a possible upward trend for SHIB. However, as with any investment, potential rewards come with inherent risks.
Shiba Inu’s Layer-2 network, Shibarium, celebrated its first anniversary with a significant jump in the burn rate of SHIB tokens. The network has processed over 418 million transactions since its launch, leading to a direct correlation between SHIB’s deflationary momentum and Shibarium’s activity.
Shiba Inu’s burn rate has significantly decreased, raising concerns about near-term price gains. However, the Shib community launched ShibHub, a new app aiming to showcase the Shiba ecosystem. Technical indicators remain mixed, with some suggesting potential bullish momentum while others point towards bearish sentiment.
