Shiba Inu (SHIB), a prominent Ethereum-based cryptocurrency, witnessed a substantial rally, bolstering the interest of crypto enthusiasts worldwide. The nearly 10% surge in price on Monday has been attributed to a wave of market optimism, coinciding with a significant burn surge revealed by Shibburn, the meme coin’s burn tracker.
The recent rally of meme coins can be attributed to various factors. Firstly, the growing market sentiment and excitement surrounding meme coins have attracted investors seeking high-risk, high-reward opportunities.
Additionally, the influence of social media platforms, viral marketing, and endorsements from celebrities and influencers have played a significant role in driving up the prices of meme coins.
Shiba Inu Burn Surge Analysis
According to Shibburn’s data, the burn rate for Shiba Inu skyrocketed by a staggering 2,367% over the past 24 hours, resulting in the destruction of a whopping 186 million coins.
This surge in burning activity has further heightened market optimism surrounding the meme token, as the Shiba crypto community continues to make remarkable efforts to enhance the SHIB tokenomics.
Source: Shibburn
The continuous depletion of SHIB’s supply through burning activities has triggered discussions about the dynamics of supply and demand, igniting a hurricane of bullish sentiments for Shiba Inu. Notably, it is the community’s concerted efforts, including significant transfers to a dead wallet, that have primarily contributed to the rise in the burn rate.
Shibburn’s insights shed light on two massive transactions by the Shiba crypto community, both involving transfers to a dead wallet. The first transaction saw a transfer of 168 million coins, while the second involved the transfer of 16.68 million SHIB.
These actions reflect the community’s determination to bolster the tokenomics of Shiba Inu and have further contributed to the burn surge witnessed recently.
Bitcoin price action. Chart: TradingView
SHIB Price Climbs Amid Optimism
The positive momentum extends beyond burning activity, as Shiba Inu’s price experienced a substantial uptick of 10% over the past 24 hours, reaching a current trading value of $0.0000287.
This surge in price has been accompanied by a surge in trading volume by nearly 23% and a market cap increase of 10%, firmly establishing a bullish stance for SHIB. However, it is important to note that the recent correction in Bitcoin’s price led to a temporary dip for Shiba Inu, which reached a low of $0.0000238.
With the recent upward movement, there is growing optimism that SHIB may breach the $0.00003 mark, potentially paving the way for a recovery trend that could push prices above the previous swing high of $0.000045 and even surpass the $0.00005 milestone.
Market observers are particularly encouraged by the burning chronicles of the meme coin, which further contribute to the prevailing market optimism.
Featured image from Pexels, chart from TradingView
