Shiba Inu Coin: SHIB Burn Rate Spikes 500%, Price Rally Imminent?

Shiba Inu, the self-proclaimed Dogecoin killer, has once again turned heads across the crypto landscape, primarily due to its optimistic cryptographic ventures. Insights by the tracker Shibburn revealed that the meme coin’s burn rate soared over 500% today, May 20.

This has injected a dose of market optimism among crypto traders and investors who are extensively eyeing the meme-based crypto. Notably, Shiba Inu’s market supply takes a blow with such massive burn transactions, concerning which bolstered tokenomics is much anticipated for SHIB ahead.

Here’s an in-depth report on Shiba Inu’s current market dynamics.

Shiba Inu Burn Ignites Hope For Future

Shibburn’s insights reveal that the burn rate has skyrocketed by 579% in the past 24 hours, following the incineration of 9.83 million tokens in a series of transactions. Of these transactions, the transfers to burn addresses from two specific addresses have particularly caught the attention of the market.

As per the data, the wallet address 0x608125… was recorded, shifting 3.10 million SHIB to a dead wallet via numerous transactions in the past 24 hours. Further, the address 0xa9d…was also registered to have been transferred 4.69 million SHIB to a dead wallet over the past day. These addresses’ transactions appear to be responsible for the lion’s share that aided the spike in the SHIB burn rate.

Meanwhile, it’s worth noting that despite the considerable amount of tokens destroyed, the meme coin contrastingly traded in red today.

Also Read: Top 3 Altcoins To Watch For The Week: SOL, FTM, And LINK

Shiba Inu Price Tumbles

As of writing, Shiba Inu’s price illustrated signs of a pullback, dipping 4.35% in the past 24 hours to $0.00002389. However, weekly charts for the self-proclaimed Digecoin killer show a 9.80% upswing, underscoring the heightened volatility witnessed by Shiba Inu recently. Besides, its 24-hour lows and highs are $0.00002359 and $0.00002507, respectively.

Coinglass data further rationalized mixed investor sentiments in the market, as derivatives volume upsurged 21.61%, but SHIB’s OI slipped 8.13%. This flagged increased trading activity for Shiba Inu, followed by reduced money inflow in the market, which could be potentially propelling SHIB’s recent market volatility.

Nonetheless, the RSI (Relative Strength Index) hovered at around 48, signaling that the asset is neither overbought nor oversold. This added a layer of intrigue to Shiba Inu’s future price movements.

Also Read: Pump Fun Hacker Nabbed In London, Makes Troubling Revelation

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