Shiba Inu Up 6% On 17,197% Burn Rate Explosion, But: 'SHIB is Cheap,' Claims Trader

Shiba Inu SHIB/USD is making a strong comeback, with its burn rate soaring by 17,197% in the last 24 hours and a surge in whale transactions.

The crypto community eagerly awaits when Shiba Inu will shed its next zero.

What Happened: Shibburn data reveals a 17,197% increase in the Shiba Inu token burn rate over the past day. A single transaction burned 42 million tokens, with two additional transactions burning 5 million tokens each.

Shiba Inu’s marketing lead, Lucie, reported a transfer of 2 trillion SHIB tokens ($62.2 million) from Kucoin to an unknown wallet on March 27.

Binance announced new trading pairs for assets including SHIB and DOGE on the Cross and Isolated margin markets.

Industry leaders and investors will discuss the future of digital asset investments, such as meme coins and the effects of the Bitcoin halving, at Benzinga’s Future of Digital Assets conference.

Also Read: Shiba Inu Burn Intensifies, Millions Of Tokens Destroyed: ‘If Someone Can Pull Miracle Recovery It’s SHIB’

Why It Matters: Shiba Inu, currently 11th, has seen a 6% increase in 24 hours, pushing its market cap to $19.09 billion, nearing Avalanche at 10th with $20.6 billion. The meme coin has surged 195% over the last month.

IntoTheBlock data shows a 10.3% rise in Shiba Inu whale transactions to $241.7 million in 24 hours. 75% of holders have held for over a year, 18% for 1-12 months, and 7% for less than 1 month.

Large Holders Netflow increased 483% from 41.19 billion SHIB on March 26 to 2.11 trillion SHIB on March 27, suggesting rising accumulation among large holders., as per IntoTheBlock data

Ethereum co-founder Vitalik Buterin commented that Shiba Inu has surpassed his expectations.

Cryptocurrency traders on social media still see Shiba Inu as “cheap,” expecting further upside.

It's more expensive.

Therefore it doesn't satisfy the simple normie logic of "what if this dog coin reaches the same value as the other dog coin"

That's the trade.

SHIB is cheap.
Unit bias is real.
Normie investment based on catchup to another coin is real. https://t.co/yHH4yNyMt7

— Cold Blooded Shiller (@ColdBloodShill) March 28, 2024

Traders can use crypto screeners and scanners to identify the best investment opportunities amidst the meme coin super cycle.

These topics are expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.

Read Next: Shiba Inu Spikes 516% In Daily Transactions, 220% For Whales: Trader Says ‘SHIB History Repeats Itself’

Image: Shutterstock