The self-proclaimed “Killer of Dogecoin,” Shiba Inu, has garnered more attention in cryptocurrency primarily because of its hopeful forays into cryptography. According to data from the tracker Shibburn, the meme coin’s burn rate increased by more than 500% today, May 20.
This has given cryptocurrency traders and investors closely watching the meme-based cryptocurrency a dose of market confidence. Significantly, these large burn transactions negatively impact Shiba Inus’s market supply, which raises the expectation that SHIB’s tokenomics will improve in the future.
This is a detailed analysis of the present market conditions for Shiba Inus.
Shiba Inu Burn Ignites Future Hope
According to Shibburn’s findings, after 9.83 million tokens were burned in a sequence of transactions, the burn rate increased by 579% on the last day. The market has been particularly interested in transferring burn addresses from two specific addresses among these transactions.
The data indicates that over the previous day, multiple transactions transferred 3.10 million SHIB to a dead wallet using the wallet address 0x608125. Additionally, it was noted that on the last day, 4.69 million SHIB were moved to a dead wallet to the address 0xa9d. Most transactions that contributed to the increase in the SHIB burn rate come from these addresses.
It’s important to note the meme coin traded in red today, despite many tokens being destroyed in the process.
Shiba Inu Cost Drops
As of this writing, Shiba Inu’s price had indicated a retreat, falling 4.35% to $0.00002389 during the previous day. Weekly charts for the self-described Dogecoin killer show a 9.80% upsurge, highlighting the increased volatility Shiba Inu has seen. Furthermore, $0.00002359 and $0.00002507 are its 24-hour high and low, respectively.
Coinglass data further explained the market’s conflicting investor attitude. It showed that while SHIB’s OI fell by 8.13%, derivatives volume increased by 21.61%. Increased Shiba Inu trading and decreased market inflows may be contributing to SHIB’s current volatility in the market.
The relative strength index (RSI) remained stable at 48, indicating the asset is neither overbought nor oversold at present. This raised the level of mystery surrounding Shiba Inu’s upcoming price fluctuations.
