'Dogecoin Killer' Shiba Inu Burn Rate Almost Hits 10,000% As Over 100M SHIB Go Up In Flames

Shiba Inu‘s SHIB/USD consistently rising burn rates triggered optimistic sentiment for the meme coin’s future performance.

What Happened: Shibburn data shows the burn rate surging by 9,947.6% in the past 24 hours, with two transactions burning more than 106.06 million SHIB.

The consistently rising burn rate comes amid the Shiba Inu community requesting Binance to burn 1% of SHIB from its daily transactions. The petition has almost hit the required 1,500 signatures.

Some traders see Shiba Inu set to “launch a 10x pump.” One trader noted that the accumulation zone of Shiba Inu is broken and suggests buying Shiba around the $0.0000198 to $0.00000685 zone to collect 1000% profits.

$shib is finally ready to launch a 10x pump

1000% pumps is for you if you start buying $shib today

Like now

The accumulation zone of $shib has been broken and it's currently been retested as you can see in the charts which is marked out by a rectangular green box on a… pic.twitter.com/iaoZ56RUdl

— dream chaser jtk (@dreamchaserjtk) August 5, 2024

Also Read: What’s Going On With ‘Dogecoin Killer’ Shiba Inu?

Why It Matters: IntoTheBlock data shows large transaction volume decreasing by 67% and daily active addresses dropping by 11.7%. Shiba Inu's concentration by large holders stands at 73% and 78% of holders are accumulating the meme coin for more than a year.

These statistics indicate that despite recent price volatility, the meme coin's long-term prospects continue to hold firm. Shibariumscan data shows daily transactions grew from 2,400 to 3,840 in a single day.  

WazirX announced that it has canceled all transactions and will restore wallet balances to calm users’ doubts and regain platform credibility. On July 18, the exchange had been exploited for $235 million, including 5.4 trillion Shiba Inu coins.

What’s Next: The influence of Bitcoin as an institutional asset class is expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.

Read Next:

• Will Dogecoin, Shiba Inu, Pepe Continue The ‘Memecoin Supercycle’ Despite The Crypto Crash? ‘Just The Tip Of The Iceberg,’ Trader Thinks

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