Shiba Inu (CRYPTO: SHIB) burn rates continue to stay elevated, making traders bullish on better price performance to come.
What Happened: Shibburn data shows the burn rate surging by 1,947% in the past 24 hours, removing 60.2 million coins from the ecosystem. Three transactions involving 9.99 million coins each were reported around 16 hours ago. One transaction around 16 hours ago burned 10.16 million coins and another transaction one hour ago burned 1.25 million coins.
Shiba Inu has seen elevated burn rates over the past two weeks, burning 135.03 million coins in the past week. This comes after the Shiba Army requested Binance to have a daily burn mechanism for the meme coin.
Also Read: Is ‘Dogecoin Killer’ Shiba Inu On A Bearish Path? Whale Transactions, Burn Rate Suggest Otherwise
Why It Matters: IntoTheBlock data shows large transaction volume increased by 269% and daily active addresses dropped by 17.7%. Transactions greater than $100,000 spiked from 30 transactions as of July 21 to 75 transactions as of July 22.
Shiba Inu's marketing lead Lucie predicted bullish momentum for altcoins, specifically SHIB, SHEB, LEASH and BONE.
Crypto trader Elja Boom stated that while the crypto timeline is silent on Shiba Inu and talking about Pepe, Dogecoin, Dogwifhat, "SHIB was one of the top performers of the last cycle, and it’s not done yet."
What’s Next: The influence of meme coins and Bitcoin as an institutional asset class is expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.
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