Recent data from Shibburn, a tracking platform for Shiba Inu (SHIB), reveals a remarkable 685% increase in the burn rate of SHIB meme coins over the past week. Despite a downturn in daily metrics, community-driven burn activities have surged significantly, pushing 399,586,110 SHIB to non-recoverable addresses.
Shibburn’s latest update indicates a substantial rise in SHIB burns, with the weekly total skyrocketing by over 685% highlighting strong involvement from SHIB holders, who have helped decrease the amount of the meme cryptocurrency in circulation.
The data, shared via Shibburn’s official X handle, highlights that over the last seven days, the SHIB community has burned a total of 399,586,110 coins, which is seen as a bullish signal by investors and enthusiasts, potentially impacting SHIB’s future value positively
In contrast to the weekly surge, the daily burn rate has experienced a notable 63% drop, with 39,878,482 SHIB coins sent to dead-end blockchain addresses. Despite this decline in daily burns, the overall sentiment remains optimistic within the SHIB community, particularly as the meme coin prepares for a potential price rebound. However, at the time of writing SHIB was trading at $0.00002066 an increase of 2.10 % in 24 hours.
Crypto analyst Ali Martinez supports this sentiment in a recent analysis, citing a buy signal on the TD Sequential indicator. Martinez suggests that SHIB, currently trading at $0.00002076, could potentially rally to around $0.00002800, marking an estimated 35% increase from its current level.
Also Read: Shiba Inu Declines 25% in Two Weeks Amid Slump in Crypto Market
