Shiba Inu (SHIB), a popular Ethereum-based cryptocurrency, has seen significant gains, strengthening the interest of cryptocurrency enthusiasts around the world. The nearly 10% surge in prices on Monday was attributed to a wave of market optimism and coincided with a significant burn surge revealed by Shibburn, a burn tracker for meme coins.
The recent rise of meme coins can be attributed to a variety of factors. First, as market sentiment and excitement surrounding meme coins grew, they attracted the attention of investors looking for high-risk, high-reward opportunities.
Additionally, social media platforms, viral marketing, and endorsements from celebrities and influencers have played a significant role in increasing the price of meme coins.
Analysis of rapid increase in Shiba Inu burns
Data from Shibburn shows that in the past 24 hours, Shiba Inu burn rates have skyrocketed by 2,367%, destroying a whopping 186 million coins.
This surge in burn activity has further heightened market optimism surrounding the meme token as the Shiba cryptocurrency community continues to make incredible efforts to improve SHIB token economics.
Source: Shibburn
Flaming activity continues to deplete SHIB supplies, sparking discussion about supply and demand dynamics and sparking a hurricane of bullish sentiment for Shiba Inus. In particular, it is the collective efforts of the community, including significant transfers to dead wallets, that have largely contributed to the increase in burn rates.
Shibburn’s insights highlight two large transactions involving transfers to wallets that were dead by the Shiba cryptocurrency community. In the first transaction, 168 million coins were transferred, and in the second transaction, 16.68 million SHIB were transferred.
These measures reflect the community’s determination to strengthen token economics for Shiba Inus dogs and have further contributed to the surge in burns seen recently.
Bitcoin price action. Chart: TradingView
SHIB price rises amid optimism
The positive momentum extends beyond the flurry of activity, as the price of Shiba Inu has experienced a significant 10% increase in the last 24 hours, reaching a current trading value of $0.0000287.
This price surge was accompanied by a nearly 23% surge in trading volume and a 10% increase in market capitalization, firmly establishing a bullish stance on SHIB. However, it is important to note that the recent Bitcoin price correction caused the Shiba Inu price to temporarily decline, reaching a low of $0.0000238.
The recent uptrend has led to growing optimism that SHIB could break above $0.00003, potentially paving the way for a recovery trend that could push the price above its previous high of $0.000045 and even surpass $0.00005.
Market observers are particularly encouraged by the fiery history of meme coins, which further contributes to widespread market optimism.
Featured image from Pexels, chart from TradingView
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