🔥💥Shiba Inu Coin: Burn Rate Increases 200% Amid SHIB Price Change, What's Next?

Shibburn's data shows an approximate 200% surge in Shiba Inu's burn rate today.

The burn rate upswing ignites hope for Shiba Inu, although broader market statistics weigh in fueling mixed market sentiments.

Shiba Inu witnesses a price flux, with the token trading in the red at press time.

#ShibaInu , the meme crypto positioned as the self-proclaimed Dogecoin killer, has once again stirred up a storm of speculation among crypto market traders and investors globally. Today, May 9, the crypto has recorded a significant 200% surge in its burn rate, a development that has coincided with a highly volatile price action experienced by #SHIB in the past 24 hours.

These current market statistics have not only set the crypto space abuzz but also sparked discussions among the global crypto community over SHIB’s future price movements. Let’s delve into SHIB’s current cryptographic dynamics.

Burn Rate Surge Ignites Hope For Shiba Inu

Notably, insights streamlined by the meme coin’s burn tracker Shibbrun reveal that the burn rate surged 210.27% in the past 24 hours. Further, incinerating 24.63 million tokens from Shiba Inu’s supply, this surge in the burn rate rides usual market sentiments of optimism.

Meanwhile, upon deeper investigation, it was found that a massive dead wallet transaction primarily sparked the burn upswing. Shibburn’s data shows that a wallet, going by the address 0xa9d1e08c7793a…, moved 24.17 million SHIB to a null address.

This transaction has garnered significant attention, as data by Nansen further illustrated that the crypto holdings on this address totaled a whopping $287.57 million. At press time, the wallet’s SHIB holdings totaled 162.25 billion SHIB. This data, collectively, has set off ripples of speculation across the broader crypto market.

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