The second-largest meme currency, Shiba Inu (SHIB), has a distinctive pattern that points to a possible rally in the near future. Over the past month, Shiba Inus have been burning more frequently, which is consistent with this progression.
What’s happening on SHIB market
SHIB is now trading at $0.00002836, down 5.19% over the last day, according to CoinMarketCap statistics. It has increased 7.8% over the last week, bringing its monthly and annual rises to 61.74% and 239.6%, respectively, despite the daily fall.
The price drop of SHIB during the past day points to a temporary correction. This implies that as momentum increases, the meme coin’s price may rise. When a cryptocurrency’s price drops, investors usually rush to it, increasing its worth.
The trade volume is another important indicator supporting the positive momentum on SHIB. Investor commitment to buying SHIB is demonstrated by the daily trading volume, which increased 31.34% to $6 billion on the past day.
Surge in Shiba Inu burn rate and whale activity
In the meantime, over the last few days, the Shiba Inu burn rate has gone up. According to U.Today, the burn rate recently increased by 486.32%, destroying nearly 1.4 million SHIB tokens in a single day.
To lower the quantity of SHIB tokens in circulation, the Shiba Inu team periodically performs burns. The price is anticipated to rise as demand rises and the quantity of tokens decreases.
In addition to the rise in burn rate, whales, or big investors, have also become more active.
Recently, the meme coin’s big transaction volume of $245.63 million increased by 396.38%. The number of daily active addresses for Shiba Inu also increased by 19.5% during this time, reaching 8,720.
In a related incident, Shiba Inu head developer Shytoshi Kusama’s snarky tweet on SHIB burns caused a mixed response from the SHIB community.
