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Shiba Inu (SHIB), the second largest meme coin, is exhibiting a unique trend that suggests a potential rally ahead. This development coincides with an increase in Shiba Inu burn rate over the past month.
What is happening in the SHIB market
According to CoinMarketCap According to the data, SHIB declined by 5.19% in the last 24 hours to trade at $0.00002836. Despite the daily decline, it increased by 7.8% over the past week, bringing its monthly and annual increases to 61.74% and 239.6% respectively.
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The decline in SHIB price over the past 24 hours suggests a short-term correction. This means that the price of the meme coin could see a rise once the momentum picks up. Typically, investors flock to a cryptocurrency once the price drops, leading to an increase in value.
Another key metric reinforcing SHIB’s bullish momentum is trading volume. Over the past 24 hours, the daily trading volume increased by 31.34% to $6 billion, indicating the commitment of investors to buy SHIB.
Increased Shiba Inu burn rate and whale activity
Meanwhile, the Shiba Inu’s burn rate has increased in recent days. Like U.Today reportedover 1.4 million SHIB tokens were recently burned in just 24 hours, representing a 486.32% increase in burn rate.
The Shiba Inu team conducts periodic burns to reduce the number of SHIB tokens in circulation. As the number of tokens decreases and demand increases, the price is expected to increase.
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In addition to the increased burn rate, large investors, or whales, have also increased their activities.
The meme coin recently saw a 396.38% increase in a large trading volume of $245.63 million. Additionally, Shiba Inu saw a 19.5% increase in daily active addresses during this period, for a total of 8,720.
In parallel development, Shytoshi Kusama, lead developer of Shiba Inu triggered a mixed reaction from the SHIB community with a sarcastic tweet about SHIB burns.