Shiba Inu (SHIB) Set to 'Launch a 10x Pump' as Burn Rate Skyrockets 10,000%

Shiba Inu's SHIB/USD consistently rising burn rates triggered optimistic sentiment for the meme coin's future performance.

Shiba Inu (CRYPTO: SHIB) burn rates have seen a massive surge recently, which has led to optimism among some traders regarding the meme coin's upcoming price performance.

Shiba Inu's burn rate surged by 9,947.6% in the past 24 hours, with two transactions burning over 106.06 million SHIB, according to Shibburn.

The sustained increase in the burn rate comes as the Shiba Inu community has petitioned Binance to burn 1% of SHIB from its daily transactions, with the petition close to reaching the 1,500 signatures required.

Some traders have predicted that Shiba Inu is set to “launch a 10x pump.” One trader noted that the accumulation zone of Shiba Inu is broken and suggested buying SHIB in the zone of $0.0000198 to $0.00000685 to collect 1000% profits.

$shib is finally ready to launch a 10x pump 1000% pumps is for you if you start buying $shib today

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The accumulation zone of $shib has been broken and it's currently being retested as you can see in the chart which is marked out by a rectangular green box on a… pic.twitter.com/iaoZ56RUdl

Shiba Inu's large transaction volume decreased by 67% and daily active addresses dropped by 11.7%, according to IntoTheBlock.

Shiba Inu's concentration by large holders stood at 73%, and 78% of holders have been accumulating the meme coin for over a year, as per IntoTheBlock data.

These statistics indicate that the meme coin's long-term prospects continue to be a focus despite recent price volatility.

Shibariumscan data showed daily transactions grew from 2,400 to 3,840 in a single day.

WazirX has canceled all transactions and will restore wallet balances to calm users' doubts and regain platform credibility, according to an announcement.

On July 18, the exchange was exploited for $235 million, including 5.4 trillion SHIB.

Benzinga recently covered institutional interest in Bitcoin (CRYPTO: BTC) and its influence on other digital assets in depth.

This topic will be further explored at Benzinga's upcoming Future of Digital Assets event on Nov. 19.

Don't Miss: Surprising Bitcoin Stat Shows Institutional Impact, But Retail Still King In Crypto

The Benzinga Pro Squawk Box, a financial news and trading commentary service, provides an unparalleled audio experience, accessible to both Benzinga Pro subscribers and non-subscribers alike.

From the opening bell in the pre-market hours, to the closing bell in the afternoon, and into the post-market hours, Benzinga Pro Squawk Box hosts a lineup of traders, hedge fund managers, brokers, and other financial professionals, discussing the hottest water cooler topics of the day, تقديم التحليلات الفنية الحية للأسهم الأكثر نشاطًا في اليوم.

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