Shiba Inu’s Burn Rate Soars by 1,947%, Sparking Optimism Among Traders

Shiba Inu’s burn rate has seen a significant increase, rising by an incredible 1,947% in a recent 24-hour period, according to data from Shibburn. This surge equated to about 60.2 million coins being removed from circulation. The spike in burn rates has left traders feeling optimistic about the potential rise in the cryptocurrency’s price. Notably, there were several large transactions that contributed to this dramatic increase, including three separate transactions each burning 9.99 million coins and one that eliminated 10.16 million coins.

Over the past two weeks, the overall burn rates for Shiba Inu have remained high, with a total of 135.03 million coins being burned in the last week alone. This uptick in activity follows a request from the Shiba Army for exchanges like Binance to implement a daily burn mechanism. Supporters believe that these actions could lead to better price performance for Shiba Inu in the future, especially with a wider interest in cryptocurrencies.

Adding to the positive sentiment, Lucie, Shiba Inu’s marketing lead, has predicted a bullish period for altcoins, specifically for Shiba Inu and its sister coins, SHEB, LEASH, and BONE. Meanwhile, data from IntoTheBlock indicates a rise in large transaction volumes, increasing by 269%, while the number of daily active addresses has dropped. There seems to be a growing discussion in the market about an upcoming ‘altcoin season,’ which could impact Shiba Inu and other cryptocurrencies as trader interest shifts.