The popular meme cryptocurrency Shiba Inu (SHIB) has witnessed a surge in its burn rate, reaching an unprecedented 41830.41% within a mere 24 hours. Approximately 8,349,361,162 $SHIB tokens were burned during this period., according to data provided by Shibburn.
The surge in SHIB’s burn rate can be attributed to several factors, with heightened trade volume emerging as a prominent contributor. Over the past few days, SHIB has demonstrated consistent gains, accumulating a noteworthy 12% increase in value over the last seven days.
Santiment’s volume chart reveals a notable uptick in SHIB’s trading activity, with a substantial spike surpassing $300 million around December 01st. It was followed by a rapid decline to approximately $100 million before experiencing yet another surge, ultimately exceeding an impressive $380 million.
As per the latest data from CoinMarketCap, SHIB is trading at $0.000009176, reflecting a staggering 3% increase in value over the past 24 hours. The trading volume in the last 24 hours has seen a 20% gain, reaching $474.8 million. In the previous 30 days, it has displayed 18 out of 30 (60%) green days, accompanied by a modest 3.30% price volatility.
While the heightened trade volume provides a likely explanation for the surge in burn rate, it prompts speculation about the role of price in propelling this increased trading activity. Market analysts are closely monitoring the situation, aiming to unravel the intricate dynamics driving this surge in burn rate.
Shiba Inu Price Forecast: 11.91% Surge Expected
The most recent Shiba Inu price forecast points towards an anticipated increase in value by 11.91%. Analysts expect the token to surge to $0.000009951 by December 06th. This optimistic projection reflects a positive sentiment among market participants.
Technical indicators offer valuable insights into the current market sentiment surrounding Shiba Inu. The analysis reveals a Neutral Bullish signal, with a significant 72% of market participants expressing optimism about the future trajectory of SHIB prices. Moreover, the Fear & Greed Index, a key metric gauging market sentiment, registers a score of 74, indicating a prevailing sense of Greed among investors.
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