SHIB Burn Rate Up 162% as Price on Verge of Breakout

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Written By Maya Cantina

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Sat, 6/04/2024 – 20:00

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The SHIB community continues to decrease the circulating Shiba Inu supply by means of daily burns when they transfer millions of meme coins to dead-end cryptocurrency wallets.

According to the Shibburn tracker, this time, they have succeeded in destroying more than a dozen million SHIB. Meanwhile, the Shiba Inu price has made yet another attempt to break out.

Burn rate shows three-digit spike

The popular burn tracker shows that over the last 24 hours, the daily SHIB burn rate made a substantial increase by 162.85%. This rise was reached thanks to 16,210,694 Shiba Inu coins burned in total via nine transactions that took all these meme coins to unspendable blockchain addresses.

The largest burn transfer this time contained 5,032,618 SHIB, followed by two transactions carrying slightly under 3,000,000 SHIB and two that moved close to 2,000,000 SHIB each.

SHIB price attempts breakout; new ATH after Bitcoin halving?

Within the period of the last 24 hours, the second largest meme cryptocurrency SHIB has attempted to recover, adding a marginal 2.40%. A decline of 1.2% followed, eliminating the rise attempt.

Overall, SHIB has lost 4.47% since Thursday this week and declined by 11.76% since Monday, April 1. This coincided with the recent major listing scored by the meme coin as Nexo cryptocurrency trading platform added its support and launched trading pairs based on it.

Overall, many analysts, including SHIB team members, expect Shiba Inu to reach a new all-time high in terms of its price after the upcoming Bitcoin halving takes place in late April.

Analyst Armando Pantoja tweeted that he expects SHIB to reach a new historic peak of over $0.001 after the halving. He also named other altcoins, expecting them to reach new all-time highs, such as Dogecoin, Cardano, Solana, XRP.

The official marketing lead of SHIB called Lucie has also recently stated that she expects a new SHIB all-time high to occur right before or after the halving.

Shibarium hits new milestones

According to the Shibariumscan explorer, Shibarium has made it to a new historic peak of 413,195,897 transactions. The number of wallets linked to Shibarium constitutes 1,394,435.

The daily transaction count continues to move sideways on the low level of 11,510, having surged from 5,500 this week.

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