Shiba Inu Burn Rate Soars 107%, Whale Transactions Surge: What's Going On?

Shiba Inu SHIB/USD is gaining traction with rising burn rates rise and whale activity, prompting cautious optimism among traders remain about its ability to hold key support levels.

Cryptocurrency	Price	Market Cap	24-Hour Trend	7-Day Trend
Shiba Inu SHIB/USD	$0.00001423	$8.4 billion	+3%	-7.7%
Dogecoin DOGE/USD	$0.2081	$30.8 billion	+0.7%	-18.2%
Pepe PEPE/USD	$0.058107	$3.4 billion	+3.5%	-14%

Trader Notes: The Crypto Basic reports that SHIB is hovering around its crucial support level at $0.0000147.

The news provider cited analyst Paul Endeo that holding this level could drive a 20% rebound toward $0.00001718.

If SHIB fails to hold the support, it could see an 11% decline toward $0.00001261, making this a critical moment for price direction.

Statistics: Shibburn data shows 2.14 million SHIB coins were burned over the past 24 hours, with burn rates increasing by 107.5%. Over the past seven days, 125.96 million SHIB coins were removed from circulation.

The Crypto Basic data highlighted that more Shiba Inu investors are in profit compared to February 2024.

Despite SHIB's 20% drop over the past month, the number of profitable wallets has increased from 469,650 (35.15%) in February to 553,400 (38.65%).

ShibariumScan data indicates daily transactions are struggling at 61,780, a sharp drop from the consistent 4 million mark observed in previous months.

IntoTheBlock data shows Shiba Inu large transaction volume and daily active addresses increased 30.9% and 6.5%, respectively in a single day. Transactions greater than $100,000 are up from 98 to 101.

With recent drops in the meme coin price, around 58% of SHIB holders are underwater.  

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