'Dogecoin Killer' Shiba Inu Burn Rate Defies Market Action With 933% Surge, Daily Active Addresses Spike By 8%

Mar 16, 202412:30 UTC

Shiba Inu is back on track with a burn rate 933% surge and an 8% increase in daily active addresses. Analysts remain bullish on the meme coin despite a recent drop.

What Happened: Shibburn data shows the burn rate increase, which was triggered by two substantial transactions: a single transaction burning 21.7 million SHIB tokens and another transaction burning 25.2 million SHIB tokens.

A whale alert shows 1 trillion SHIB tokens, valued at $28.8 million, transferred from an unknown wallet to the crypto exchange GateIO.

This large token transfer spiked speculation and increased SHIB's price volatility.

Shiba Inu's daily active addresses, as per IntoTheBlock data stand at 10,250, indicating a growing level of activity within the SHIB ecosystem.

As of March 14, there were 852 transactions exceeding $100,000, compared to 476 transactions on March 13.

This surge in large transactions suggests increased interest and activity from institutional or large-scale investors.

Also Read: Shiba Inu TVL Peaks At $2.25M As 2 Trillion SHIB Tokens Move Between Exchange's Hot Wallets

Why It Matters: $1.53 million in SHIB short positions were liquidated on Friday, up from $338,360 at the beginning of the week, based on Coinglass data.

Long liquidations stand at $3.61 million, up from $653,890 just two days ago.

According to data from Lunar Crush, a prominent social intelligence platform, Shiba Inu is ranked third in terms of social interactions, trailing behind Dogecoin and Pepe.

Crypto content creator and investor Jake tweeted, “SHIB Will Be The First 100 Billion MC Memecoin.”

Following this second positive analyst recommendation for Shiba Inu, the crypto community awaits what is next for the "Dogecoin killer."

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