Sign Of A Shiba Inu Bull Run? SHIB Burn Rate Skyrockets by 7,400% in 24 Hours As Whale Transactions Continue

Sign Of A Shiba Inu Bull Run? SHIB Burn Rate Skyrockets by 7,400% in 24 Hours As Whale Transactions Continue

Key Insights

  • Shiba Inu's burn rate has skyrocketed by 7,400% in the last 24 hours, with over 369 million SHIB burned.
  • Shibarium Scan has introduced an email connection feature for users, allowing them to access updates, progress, and statistics on Shibarium from anywhere.
  • Shibarium has also integrated with GroveX, an Australian crypto exchange.
  • A $36 million SHIB transfer was made between anonymous wallets on Monday, following a series of similar transfers in the past few weeks.
  • Shiba Inu's price has remained relatively stable in the past 24 hours, despite the large amount of SHIB being burned and transferred.

Shiba Inu appears to be taking good advantage of the generally bullish market sentiment.

The memecoin's burn rate has exploded over the last day, and there are now several reasons to believe that we may be on the verge of a new Shiba Inu bull run.

Shiba Inu Burn Rate Spikes

According to SHIB Burn, Shiba Inu has seen a massive spike in the amount of tokens burned (or destroyed) over the last day.

SHIB Burn data presents that more than 369 million SHIB were burned in the last day, representing a staggering 7,400% surge from the previous day.

Shiba Inu's burn data | Source: <a href='' target='_blank' rel='noreferrer noopener'><u>SHIB Burn</u></a>
Shiba Inu's burn data | Source: SHIB Burn

SHIB Burn data also shows that the total SHIB burned in the past week was more than 630 million SHIB, marking a 146% increase over the last week.

Shibarium Scan Introduces Email Connection

Shibarium has announced a new feature for its blockchain explorer, Shibarium Scan. According to a new update from LUCIE on Twitter, users can now connect to Shibarium Scan via email, which will enable them to access updates, progress and statistics on Shibarium from anywhere.

Lucie explained that the email connection feature is completely optional and does not require users to connect their wallets.

This means that users can keep their crypto assets safe and secure while accessing Shibarium Scan.

Shibariumscan's email feature
Shibariumscan's email feature

Another recent Shibarium integration is with GroveX, an Australian crypto exchange. GroveX has stated that it was impressed by the speed and efficiency of Shibarium and that it looks forward to offering its users more options and opportunities with SHIB and other tokens.

Shibarium details
Shibarium details

According to Shibariumscan, the Shibarium network has reached over 3.5 million transactions and nearly 1.3 million wallet addresses so far.

SHIB Witnesses Another $36 Million Transfer Between Anonymous Wallets

According to a recent tweet from Whale Alert, $36 million worth of SHIB was transferred from one address to another on Monday.

This is not the only time this month that something like this has happened.

A few days ago, on Oct. 21, a whopping 4.5 trillion SHIB (equivalent to about $32.1 million), was moved from an undisclosed wallet to another. Before that on Oct. 20, two separate transactions happened on the Shiba Inu network, transferring roughly 4.55 trillion SHIB and 4.56 trillion SHIB (worth about $31.5 million and $31.75 million respectively).

As if that isn't enough, earlier in the month on Oct. 17, another transaction from an unknown wallet moved about 4.57 trillion SHIB, or about $31.6 million around on the network.

So far, we can see that these transfers indicate strong bullish sentiment among the whales, and show that there might be an incoming Shiba Inu bull run very soon

How is SHIB Performing?

Despite the large amount of SHIB being burned and transferred, the price of the meme coin has remained relatively stable in the past 24 hours.

According to CoinGecko, SHIB is trading at $0.000007900 at the time of writing, with a minor 0.5% drop over the last day.

Shiba Inu's daily trading range also shows significantly low volatility.

SHIB's price increase
SHIB's price increase

However, SHIB has shown remarkable growth in the past month, increasing by over 10% from $0.00000732 on September 30 to where it currently sits.

In all, we can see that these large transfers show that there is still a lot of interest and speculation around SHIB, as well as a lot of liquidity and movement in the market.

Disclaimer: Voice of Crypto aims to deliver accurate and up-to-date information, but it will not be responsible for any missing facts or inaccurate information. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.

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