The SHIB community is reducing the circulating supply of Shiba Inu through daily burns, moving millions of meme coins to dormant cryptocurrency wallets. This development is extremely important for the price development of SHIB, the world's second-largest meme coin. SHIB may surpass its biggest competitor DOGE in the coming period.
Growth signal of rising burn rate Shibburn revealed that the daily SHIB burn rate has increased significantly, rising by 162.85% in the past 24 hours. A total of 16,210,694 Shiba Inu coins were burned in nine transactions, directing these meme coins to unusable blockchain addresses.
Specifically, while the largest burn transfer involved 5,032,618 SHIB, it was also accompanied by two transactions with an amount of just under 3,000,000 SHIB each, and two other transactions with an amount close to 2,000,000 SHIB. SHIB Price Struggles to Break, Over the past 24 hours, the second-largest meme coin SHIB attempted a minor recovery, gaining a modest 2.40%. However, a subsequent 1.2% drop in the price hampered the breakout effort.
Overall, SHIB is down 4.47% since Thursday and 11.76% since Monday, April 1. This could be a bullish sign for the meme coin as the Nexo cryptocurrency exchange platform added support and launched trading pairs based on SHIB.
Many analysts, including members of the SHIB team, predict that the price of 🐍qun秆崴:tq58956💻Shiba Inu will rise to new all-time highs following the Bitcoin halving at the end of April. Analyst Armando Pantoja predicts that the meme coin SHIB will rise above $0.001 after the halving, while also making bullish predictions for other altcoins such as Dogecoin, Cardano, Solana, and XRP.
Shibarium reaches milestone,Shibarium, the ecosystem supporting Shiba Inu, has reached a new milestone, with the Shibariumscan browser recording an all-time high of 413,195,897 transactions. In addition, the number of wallets associated with Shibarium reached 1,394,435.
Although the current number of daily transactions is 11,510, down from 5,500 earlier this week, the overall trend remains relatively stable at a low level.
