- Shiba Inu (SHIB) surged 3% in the early hours of Wednesday.
- Token burn announcement triggered the latest spike in SHIB’s price.
- Shiba Inu burned over 11 million SHIB in the past 24 hours.
Shiba Inu (SHIB), the popular memecoin, experienced a 3% surge in the early hours of Wednesday, prompting speculation among investors and analysts about a potential sustained price rally.
The price surge saw SHIB jump from an opening price of $0.00001774 to $0.00001806, according to TradingView data.
A closer observation revealed that many crypto and memecoin users believe a recent SHIB burn announcement may have triggered or contributed to the noticeable rally in the memecoin’s price. In a recent post on X, Shibburn revealed that Shiba Inu burned over 11 million SHIB in the past 24 hours.
According to Shibburn, the Shiba Inu burn rate skyrocketed over 6,000%, with a single address burning approximately 8.56 million SHIB across multiple transactions. The memecoin project executed the recent burn exercise across ten wallet addresses.
Focusing on SHIB’s activities over the past 24 hours, Shibburn highlighted that burning over 11 million SHIB tokens increased the burn rate by 12%. This brings Shiba Inu’s total burned supply to 410.72 trillion SHIB, with a circulating supply of 583.31 trillion tokens.
In addition to the SHIB burn, the memecoin project recently announced plans for an upcoming web3 project. Shiba Inu aims to roll out its web3 version of Shiba Eternity with the Shibarium layer-2 solution in Q3 2024. The project’s lead developer, Shytoshi Kusama, mentioned that game revenue would enhance SHIB and LEASH token burning.
Despite an overall decline in crypto prices, on-chain data hints at an upcoming SHIB rally. SHIB’s RSI indicator is in the oversold region and suggests a potential rebound that could encourage whales to see it as a “buy the dip” opportunity for the leading memecoin. Shiba Inu’s open interest has already risen by 1.32% to $35.66 million, reflecting growing investor interest.
While the Shiba Inu community celebrates the recent price surge and burn initiatives, the memecoin’s future trajectory stays uncertain. The anticipated web3 project and positive on-chain indicators suggest potential for further gains, and its journey will undoubtedly be closely watched by both seasoned traders and memecoin enthusiasts alike.
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