Shiba Inu’s cash burn rate soared by 3900%, SHIB has shown unusually strong momentum and may pose a challenge to Dogecoin!
The situation has changed significantly, with the Shiba Inu (SHIB) memecoin attracting attention due to its alarming increase in token burn rate.
According to data from Shibburn, a platform dedicated to tracking SHIB token burns, the SHIB token burn rate staggered by nearly 3,900% on Thursday, June 6
Additionally, the sharp spike in token burn rates coincided with a period of sideways movement in SHIB price. As the destruction rate of Shiba Inu soared, a large number of whales also entered the market. In the past 24 hours, two whales snapped up over $35 million in SHIB.
Cryptocurrency analyst Cold Blooded Shiller recently analyzed the future trends of Dogecoin and its “brother” Shiba Inu (SHIB). Analysts pointed out that although Shiba Inu’s current market capitalization is second only to Dogecoin, its recent strong rise shows that Shiba Inu may soon challenge Dogecoin’s status.
The price of Dogecoin has increased by more than 13% in the past 24 hours, which puts it above Cardano and among the top ten cryptocurrencies by market capitalization. Cryptocurrency analyst and influencer Ansem also said that this is just the beginning of Dogecoin’s price rise and shared a chart suggesting that Dogecoin is about to experience a price breakout.
There are several reasons for the rise in Dogecoin prices, including sentiment towards Ethereum Spot ETFs. Ethereum tokens will benefit from the hype generated by these funds. Coinbase International Exchange recently announced that it will begin supporting Dogecoin (SHIB) perpetual contracts on its platform on May 30.
Recent market trends have also contributed to Dogecoin’s double-digit gains, with meme coins undoubtedly becoming one of the most important topics at the moment. As a result, other meme coins like Pepe (PEPE) and Dogwifhat (WIF) have also recorded significant gains recently, rising 9% and 33% respectively in the past seven days.
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