One of Dogecoin’s most important meme coin competitors Shiba Inu, attracted attention again in the crypto world. According to data provided by Shibburn, the burn rate of meme coin increased by over 500% today. This created great excitement among crypto traders and investors. This massive decline in SHIB’s market supply has led to the expectation of a significant improvement in SHIB’s tokenomics.
According to Shibburn’s data, the burn rate increased by a massive 579%, with 9.83 million tokens burned in the last 24 hours. Among these transactions, transfers from two specific addresses to nearby addresses attracted particular attention.
According to data, wallet address 0x608125… transferred 3.10 million Shiba Inu tokens to a dead wallet through various transactions in the last 24 hours. Additionally, address 0xa9d… also transferred 4.69 million SHIB to a dead wallet in the last day. Transactions from these addresses appear to be responsible for much of the increase in the SHIB burn rate.
However, despite the destruction of a significant amount of tokens, meme coin It traded lower today.
Shiba Inu Price on Decline
As of writing, the Shiba Inu price has fallen 4.35% in the last 24 hours to $0.00002389. However, the weekly charts show a 9.80% increase, highlighting the Shiba Inu’s recent fluctuations. Additionally, the lowest and highest values of SHIB in the last 24 hours were $0.00002359 and $0.00002507 respectively.
Coinglass data further clarifies complex investor sentiments in the market. Derivatives volume increased by 21.61%, while SHIB’s open interest (OI) decreased by 8.13%. This indicates an increase in Shiba Inu trading activity, but a decrease in market inflows, and could trigger SHIB’s recent market fluctuations.
However, the RSI (Relative Strength Index) has hovered around 48 levels, indicating that the asset is neither overbought nor oversold. This adds another layer of curiosity about the future price movements of the Shiba Inu.
