The Shibarium update has brought significant attention to the Shiba Inu [SHIB] network, but its reception has not been entirely positive. The release garnered focus due to a glitch that impacted its launch. Despite facing these challenges, there might be a potential change on the horizon, as indicated by a noteworthy increase in the burn rate of the Shiba Inu network.
As of the current press moment, the burn rate has experienced a remarkable surge of 1044.95%, according to reports from Shibburn. In the last 24 hours alone, a total of 1,043,370,687 tokens have been taken out of circulation. Currently, there are 579,473,888,723,589 Shiba Inu tokens in circulation. This recent data shows a substantial spike when compared to the previous day, during which the community burned 106,300,211 SHIB through a total of twenty-three separate transactions.
Is Shiba Inu Poised for an Upcoming Surge?
As of the latest available information, SHIB is being exchanged at a value of $0.00000799, reflecting a decrease of 2.4% in its daily valuation. The digital currency encountered an increase, peaking at $0.00000820. While the asset grapples with establishing stability around the $0.0000080 mark, the community is pinning its hopes on the accelerating burn rate to drive up the asset’s worth.
According to insights provided by IntoTheBlock, bullish sentiment is prevailing over bearish sentiment. Addresses that obtained more than 1% of the total trade volume in the past 24 hours are classified as bullish. Conversely, addresses that offloaded over 1% of the trading volume during the same timeframe are deemed bearish. Furthermore, there is a current upswing in volatility within the SHIB market. In comparison to the previous week, volatility surged to a level of 101.58%. If the relatively positive bullish patterns in the market persist, there exists potential for a substantial increase in the value of the meme coin due to the heightened market volatility. The ‘ready’ status of Shibarium could also contribute to this potential upturn. However, if the asset continues to be influenced by the broader market sentiment, there is also the chance of a decline.