‘Dogecoin Killer' Shiba Inu SHIB/USD is seeing burn rates increase, with price rebounding from the Monday crypto crash.
What Happened: Shibburn data shows the burn rate spiking by 477.9% in the past 24 hours, burning 4.27 million SHIB coins. Two large transactions involving 2 million coins each were recorded.
This spike in burn rate comes as the community initiated a petition to Binance for implementing a daily burn mechanism of 1% for all SHIB transactions. The petition has reached 90% of its 1,500 signatures target.
Crypto trader Ray Malis noted that Shiba Inu has been an underperformer for months. He still sees a solid setup for a strong move upwards and predicts the meme coin will continue higher, although he "prefers a retest to make the uptrend stronger."
Why It Matters: IntoTheBlock data shows large transaction volume surging by 489.6% in and transactions greater than $100,000 increasing from 53 transactions on August 4 to 185 transactions on August 5. The volume of large transactions in the last 24 hours totalled 9 trillion SHIB ($119.82 million).
LunarCrush Social Intelligence data highlighted an increase of +2,760% in social interactions over the past six months.
One trader pointed out that traders who bought SHIB during Monday’s downturn are now in profit.
What’s Next: The influence of meme coins is expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.
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