- Shiba Inu has surged by more than 38% with key metrics suggesting that this price rally could have been a result of heavy trading and a stable token supply contributed by a 33,818% spike in its burn rate.
- Increased whale activity and a rise in open interest also contributed to the bullish sentiment.
Shiba Inu, launched in 2020, has once again captured the attention of the cryptocurrency with its meteoric surge. At the time of writing, SHIB is swapping wallets with $0.00001996 representing a 15.98% and 38.70% surge in the last 24 hours and past week respectively. Additionally, its 24-hour trading volume has seen an 82.74% surge currently standing at 1.3 Billion.
According to data from Santiment, Shiba Inu, which is vibrantly known for its robust community, has recorded a whooping 43% surge in the last nine days. The unexpected SHIB surge has sparked speculation and debate within the crypto community. Key metrics suggest that this price rally could have been a result of heavy trading and a stable token supply.
Additionally, the token has recorded a significant uptick in whale activity, which, in fact, has reached its highest point in 10 weeks. Not forfeiting its robust social dominance a strong FOMO is creeping in among crypto investors.
Additional data from santiment indicate that SHIB might be on the brink of a short-time peak. Currently accommodating a market cap of $11.3 billion, SHIB which is ranked as the 13th cryptocurrency could reach the February high of $0.000043. To attain the previously stated objective, SHI must breach its present resistance level of $0.000020, accompanied by substantial trading activity.
If SHIB breaks above $0.20, it could rally by another 100% in the coming weeks. However, investors are wondering if SHIB can repeat its 2021 bull run, which saw it surge by 45,000% between January and May.
it’s worth noting that the meme coin’s price upswing aligns with the broader market trend. As earlier reported the cryptocurrency market rebounded after the Federal Reserve announced a reduction in interest rates. Following Bitcoin which currently trades at $66,082.27 marking a 1.94% surge in the last 24 hours, other crypto currencies have followed suit with some like SHIB exceeding its perfomance.
Additionally, the second-largest meme coin has also seen an uptick in Open Interest which has recorded a whopping 65% increase. The open interest for SHIB futures has surpassed $60 million. Further, Coinglass data shows that the 24-hour Shiba Inu liquidations have surged to $2.23 million, of which, $1.29 million are short liquidations.
Burn Rate Spikes Over 33,000%
In light of these impressive metrics, according to the Shibburn tracker, the Shiba Inu burn rate skyrocketed by a staggering 33,818% today. This surge was driven by the incineration of 1.88 trillion coins in the past 24 hours, significantly reducing the total supply to 589.26 trillion SHIB.
An unknown address, “0x4ba,” contributed the most to this surge by transferring 1.87 billion SHIB to a burn address. This massive burn event has fueled a bullish sentiment for Shiba Inu across the broader market, leading to a notable price increase.
