- SHIB burn rate skyrockets by an astonishing 1,344%, indicating a possible shift in price dynamics.
- Bullish trends emerge as SHIB’s open interest and derivative volume experience significant surges.
The SHIB burn rate has increased substantially by an astounding 1,344%, which is an intriguing trend inside the Shiba Inu (SHIB) ecosystem. According to the Shibburn X handle, 135,451,536 SHIB tokens were burned in 12 transactions in the past 24 hours, amounting to $3,868.50 in monetary terms. The surge in the SHIB burn rate coincides with growing speculation surrounding Shiba Inu’s price trajectory.
In the past 24 hours, there have been a total of 135,451,536 $SHIB tokens burned and 12 transactions. Visit https://t.co/t0eRMnyZel to view the overall total of #SHIB tokens burned, circulating supply, and more. pic.twitter.com/Dls1G9gKzA
— Shibburn (@shibburn) April 9, 2024
Recent on-chain data suggests a notable surge in Shiba Inu whale activity. A transfer of 1.7 trillion SHIB to a Robinhood-linked wallet has garnered attention, raising speculations about the market impact. However, analysis indicates that this move might not necessarily lead to a significant dump on the market. Instead, platforms like Robinhood and Binance strategically accumulate SHIB tokens to meet increasing customer demand, instilling confidence in the cryptocurrency’s ecosystem.
Market Dynamics and Price Outlook
There has been a resurgence of bullish momentum in the cryptocurrency market as major cryptocurrencies like Bitcoin recovered to reclaim important resistance levels. SHIB was down 1.83% in the last 24 hours to $0.00002827 at the time of writing.
Shiba Inu’s next resistance on the upswing is between $0.000031 and $0.000036, a range where 137,600 addresses purchased 20.96 trillion SHIB at an average price of $0.000033. In contrast, 46,930 addresses purchased 33.39 trillion SHIB at an average price of $0.000026 between $0.000025 and $0.00027, which serves as the next support level should the price of SHIB continue to decline.
Coinglass data showcased a 4.93% surge in SHIB’s open interest, whereas derivative volume jumped 10.26%. This further underlines a strong market uptrend for Shiba Inu, signaling heightened market activity and increased investor interest in the asset.
This paints a bullish outlook for Shiba Inu in the broader crypto market. Meanwhile, Nexo, a renowned international crypto exchange, recently listed SHIB on its platform, adding to potential factors why the price may have witnessed a pump.
Despite Shibarium’s recent lag in daily transactions, the Shiba Inu team anticipates a surge in activity as they actively promote the layer-2 network. The introduction of the SHIB-314 token protocol on Shibarium by decentralized exchange (DEX) WoofSwap is poised to stimulate transaction volumes, potentially revitalizing network engagement. Such initiatives underscore the ecosystem’s resilience and adaptability, fostering an optimistic outlook among investors.
Shiba Eternity Update
Additionally, Shiba Inu team member Lucie provided a little update from the Shiba Eternity team. As previously reported, the SHIB CCG game Shiba Eternity has received a much-anticipated update, causing excitement throughout the community. Lucie reports that the first edition of the Shiba Eternity project is up and running and has been improved with new updates.
Quick Update from the Shiba Eternity Team!
They've been bustling behind the scenes!
The first version of the project is up and running, and it's just been polished with some updates yesterday .
But there's no slowing down – they're already on to adding new features… pic.twitter.com/yi4VUlNM2m
— 𝐋𝐔𝐂𝐈𝐄 | SHIB.IO
(@LucieSHIB) April 9, 2024
She adds that there will be no slowing down as Shiba Eternity continues introducing new features and refining the system. Lucie adds that the community can expect some exciting updates to kibbles and Shiboshis, new cards and a breeding system for Shiboshis. She notes that things are moving quickly, with the Shiba Eternity play-to-earn version now closer than ever.
