Shibburn data shows the burn rate surging by 1,947% in the past 24 hours, removing 60.2 million coins from the ecosystem.
Shiba Inu (CRYPTO: SHIB) burn rates continue to remain high, which could be a positive sign for traders who are expecting better price performance from the meme coin.
Shiba Inu Burn Rate Surges: Shibburn data showed the burn rate surging by 1,947% in the past 24 hours, with 60.2 million SHIB being burned from the ecosystem. Three transactions were reported to have burned 9.99 million coins each, occurring roughly 16 hours ago.
Another transaction burned 10.16 million coins around 16 hours ago, while a separate transaction burned 1.25 million coins one hour ago.
Shiba Inu has seen higher burn rates over the past two weeks, with 135.03 million coins being burned in the past seven days. This follows the Shiba Army’s request to Binance to implement a daily burn mechanism for the meme coin.
Shiba Inu’s Large Transaction Volume Spikes: IntoTheBlock data showed an increase in large transaction volume by 269%, while daily active addresses dropped by 17.7%.
Transactions greater than $100,000 spiked from 30 transactions as of July 21 to 75 transactions as of July 22.
Shiba Inu’s marketing lead, Lucie, recently predicted bullish momentum for altcoins, particularly SHIB, SHEB, LEASH and BONE.
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