Shiba Inu, a popular meme cryptocurrency, has been making headlines this week with a significant increase in its burn rate and daily transactions. These developments have sparked optimism among investors, hinting at potential bullish momentum ahead.
According to Shib Burn data, Shiba Inu’s burn rate surged by a staggering 33,465.6% in the past 24 hours, with a single transaction burning 32.4 million tokens. This comes on the heels of another transaction where 85 million tokens were burned just two days ago, indicating a positive outlook for the memecoin.
The total amount of tokens burned from the initial supply now stands at 410.7 trillion, out of a total supply of 589.4 trillion tokens. The Shiba community is eagerly anticipating the token erasing one zero from its price, which is fueling further optimism among investors.
In addition, data from Etherscan has revealed the return of an experienced investor to the SHIB market after a hiatus of over two years. The investor accumulated 551.4 billion tokens in a single transaction, bringing their total portfolio to 836.94 billion SHIB tokens valued at $7.91 million. This investor has a history of refraining from selling or engaging in additional transactions, which has caught the attention of the market.
Shiba Inu developer Kaal Dhariya recently tweeted that the “fun begins now,” following the sell-out of the Sheboshis NFT collection. The official Sheboshis account also expressed gratitude to the community for their support and announced plans to add liquidity to UniSwap.
With Shiba Inu trading very close to erasing one zero from its price, factors such as rising daily transactions and increased burn activity are boosting the community’s aspirations for the cryptocurrency’s future. Investors are keeping a close eye on Shiba Inu’s progress as it continues to gain momentum in the market.
Overall, the recent developments surrounding Shiba Inu indicate a positive outlook for the cryptocurrency, with potential for further growth and bullish momentum in the days to come. Investors and enthusiasts are eagerly watching to see how Shiba Inu will continue to perform in the ever-changing cryptocurrency landscape.
