The Shiba Inu (SHIB) burn rate has surged in the last 24 hours, providing a bullish outlook for the meme coin. This is also significant as it suggests that Shiba Inu bulls are again returning to its ecosystem.
Shiba Inu Burn Rate Surges By 81%
Data from the Shiba Inu burn tracker Shibburn shows that the meme coin’s burn rate has surged by 81% in the last 24 hours, with 3.7 million coins burnt during this period. Meanwhile, the burn rate has surged by an impressive 3,600% in the last seven days, with 2 billion coins burnt during this period.
The surge in Shiba Inu’s burn rate is significant, indicating that the bulls are back in the meme coin’s ecosystem. Since an accumulation trend typically leads to a transaction spike, more SHIB tokens are usually burnt as investors accumulate the meme coin. Data from the market intelligence platform IntoTheBlock also confirms that these Shiba Inu whales have been actively buying the meme coin.
Large transactions have surged
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