April 11, 2024 9:18 AM | 2 min read |
Shiba Inu (CRYPTO: SHIB) reported a significant burn rate surge, pushing prices 3.5% higher on the day.
What Happened: Shibburn data indicates 48,654% increase in the Shiba Inu burn rate over the past 24 hours. Two transactions involving 25.8 million and 61.9 million coins were burnt during the past 24 hours. During the week, the burn rate increased by 1,344%.
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This comes at a time when pseudonymous lead developer, Shytoshi Kusama, resurfaced on X after a long time. He stated that he has been working like a dog and is currently in Dubai. He passed on Easter, Eid and other holiday wishes to the community.
LunarCrush data shows a surge in social activity for Shiba Inu over the past six months. Creators are up by 30,743%, with posts receiving interactions increasing 96,655% and total interactions rising by 12,854%.
Also Read: What’s Going On With ‘Dogecoin Killer’ Shiba Inu?
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Price Action: At the time of writing, Shiba Inu is trading at $0.00002767, up 3.5% on the day.
Why It Matters: According to IntoTheBlock data, there was a 24.7% increase in large transactions volume, reaching 84.5 million, while transactions greater than 100,000 surged from 221 on April 9 to 243 on April 10.
Additionally, 12,176 Shiba Inu addresses hold at least 1 billion coins, collectively worth $15.3 billion. Among these addresses, over 9,040 hold between 1 billion SHIB ($27,690) and 10 billion SHIB ($276,900).
Furthermore, 1,450 addresses hold between 10 billion and 100 billion SHIB tokens, with a combined value of $1.53 billion. There are also 636 wallets with balances ranging from 100 billion to 1 trillion SHIB.
Glassnode data reveals that Shiba Inu’s total addresses have recently surpassed the 4 million mark, marking a significant milestone for the meme coin.
What’s Next: The influence of meme coins and Bitcoin as an institutional asset class are topics expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.
Read Next: Crypto Analyst Says Shiba Inu Expected To Surge 155% As Meme Coin Establishes Strong Support Levels
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