Benzinga - by Khyathi Dalal, Benzinga Staff Writer.
Shiba Inu (CRYPTO: SHIB) has taken the spotlight this week with a soaring burn rate and rising daily transactions. The developments signal potential bullish momentum ahead.
What Happened: According to Shib Burn data, Shiba Inu’s burn rate surged by 33,465.6% in the past 24 hours, with a single transaction burning 32.4 million tokens. This comes after 85 million tokens were burned in one transaction just two days ago, signaling an optimistic outlook of the memecoin.
The total amount burned from the initial supply now stands at 410.7 trillion, as compared to the total supply of 589.4 trillion tokens. The Shiba community eagerly anticipates the token erasing one zero from its price, fueling further optimism.
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Why It Matters: Data from Etherscan reveals the return of an experienced investor to the SHIB market after a hiatus of over two years.
The transaction, which occurred on Thursday, involved an accumulation of 551.4 billion tokens, bringing the total portfolio to 836.94 billion SHIB tokens, valued at $7.91 million.
Operating on the Coinbase platform in a manner consistent with previous patterns, the investor has refrained from selling or engaging in additional transactions.
It is noteworthy that the last involvement of this same participant in September 2021 coincided with a 1,100% surge in SHIB's price in the following month, as reported by U. Today.
Shiba Inu developer Kaal Dhariya tweeted that the “fun begins now,” following the sell-out of the Sheboshis NFT collection.
The official Sheboshis account expressed gratitude to the community for their support, adding, “We’re now adding liquidity to UniSwap.”
Shiba Inu is trading very close to erasing one zero from its price. Factors such as rising daily transactions and increased burn activity are bolstering the community’s aspirations.
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