Shiba Inu Coin: SHIB Price Volatility, Burn Rate Surges 200%

Shiba Inu, the meme cryptocurrency that calls itself the Dogecoin killer, has once again stirred up a storm of speculation among traders and investors in the global cryptocurrency market. Today, May 9, the cryptocurrency’s burn rate surged by a massive 200%, a development that coincided with the highly volatile price action that SHIB has experienced over the past 24 hours.

Notably, simplified insights from Shibbrun, the meme coin’s burn tracker, show that the burn rate has surged by 210.27% over the past 24 hours. Moreover, with 24.63 million tokens from the Shiba Inu supply being destroyed, the spike in the burn rate drove the usual bullish market sentiment. Upon deeper investigation, it was discovered that the massive dead wallet transactions were primarily responsible for the burn craze.

The coin’s open interest fell slightly by 0.28% to $57.84 million, while the trading volume surged by 2.31% to $113.34 million. With the increase in trading activity in the derivatives market, this may further drive SHIB's volatility.

Shiba Inu liquidations totaled $472,240, highlighting a significant reduction in selling pressure, exacerbating the complexity of market sentiment. This value has been weakened compared to the liquidation amount of up to $133.52 million recorded in the global cryptocurrency market in the past 24 hours. Ambush potential coins in advance, click on my avatar to find me. Welcome to like, follow, collect and forward.