In the past 24 hours, Shiba Inu’s burn rate has seen a significant spike as the community has experienced significant burn. That's a significant change from the previous week's slow and disappointing cash burn rate and suggests investor bullishness is returning.
Shiba Inu's burning rate soared 3,275%
According to Shibburn, a Shiba Inu burn tracking site, the burn rate has increased by 3,275% over the past day. More than 232 million tokens were destroyed during this period, a significant increase from the 1.37 million tokens destroyed yesterday. Interestingly, although a total of 9 burn transactions were recorded during this period, only one transaction accounted for the vast majority of the tokens destroyed that day. The address "0xd9a84f7" sent more than 225.64 million SHIB tokens, worth approximately $5,000, to the burn wallet. This address accounted for 97% of all tokens destroyed in 24 hours and was the main reason for the 3,275% surge in the burn rate.
The daily burn rate isn’t the only indicator that the burn is having a positive impact. According to Shibburn, the burn also brings the weekly burn rate to 265.86 million, an increase of 560.94% from the previous week. This figure means that the “0xd9a84f7” wallet burn accounts for 85% of the total weekly burns to date.
SHIB starts seeing positive indicators
Recently, as investor sentiment has turned bullish again, Shiba Inu coin's burn rate is not the only factor that has turned positive. Cryptocurrency analyst Mags predicts that the price of the meme coin will rise sharply, saying that SHIB has entered the buying zone and may be the last chance to enter the market before the meme coin soars. Mags expects the price of Shiba Inu to rise at least 3 times, with a target price of $0.00014.
However, this recovery could be under threat as long-term holders may be ready to sell. The Age Consumed indicator on the Santiment website, which tracks the number of Shiba Inu tokens that move each day and when they last moved, suggests that there could be further selling as Age Consumed figures remain high. If this happens, SHIB prices could fall below current levels and potentially below the $0.00002 level.
