Is Shiba Inu Getting Ready For A Pump? Burn Rate Surges 84,642%

‘Dogecoin Killer' Shiba Inu SHIB/USD saw its burn rate and new accounts spike, as the community revealed positive news.

What Happened: Shibburn data shows the burn rate skyrocketing 84,642.4% in the past 24 hours. In only six hours, more than 10 million SHIB coins were burned.

Lucie, the marketing lead of Shiba Inu, wrote on her social media profile, "We're in the building stage, as Shytoshi always says, "the moat has been built to protect the castle, now we build. We've entered step 1, stage 1, and there's so much more to come."

The post compared the Shibarium blockchain to a railway track, where the community is setting up stations for users and developers, including tech updates and connections with major players. Lucie noted that the community has "got the eyeballs of some key industry folks. It's a big project, and it'll take time."

Also Read: Dogecoin, Shiba Inu, Floki Are ‘Dino Coins,’ Says Trader: He Likes These 3 Other Meme Coins As ‘Blue Chips’

Why It Matters: Shibariumscan data shows new accounts spiking from 16 on June 15 to 154 on June 16. New verified contracts increased from 8 to 17. IntoTheBlock data notes a 12.7% increase in daily active addresses. 54% of SHIB holders are in profit at current prices.

In the past 24 hours, SHIB is down 6%, amid large transaction volume decreasing 56% and transactions greater than $100,000 dropping 50%.

The Shib Daily wrote that The British Red Cross Society will accept cryptos for donations in partnership with The Giving Block, a platform specializing in cryptocurrency donations for nonprofits. The list of acceptable coins also includes Shiba Inu.

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: Shiba Inu Spot ETF Petition Crosses 10K Signatures: Wishful Thinking Or Inevitable Reality?

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