According to data shared by the Shibburn tracking platform, one of the key metrics for SHIB – the burn rate – has shot up on a weekly basis despite a negative daily reading today.
This whopping increase has taken place while Shiba Inu is preparing to surge in price, according to a recent analytics report.
SHIB burns skyrocket 685%
Through its official X handle, Shibburn published data about the recently updated values of the Shiba Inu burn rate. According to the recently published tweet, over the last seven days, the weekly burns have made an impressive jump by more than 685%. Overall, the SHIB community has burned 399,586,110 SHIB meme coins this week.
HOURLY SHIB UPDATE$SHIB Price: $0.00002068 (1hr -0.17% ▼ | 24hr -4.87% ▼ )
Market Cap: $12,181,521,782 (-4.74% ▼)
Total Supply: 589,273,063,638,942TOKENS BURNT
Past 24Hrs: 39,878,482 (-62.76% ▼)
Past 7 Days: 399,586,110 (685.12% ▲)— Shibburn (@shibburn) June 15, 2024
As for the daily metric, it has plunged by almost 63%, the tweet says, with 39,878,482 meme coins transferred to dead-end blockchain addresses.
SHIB on verge of breakout: analyst
Crypto analyst Ali Martinez believes that the second largest meme cryptocurrency by market capitalization is primed for a price rebound soon. In a recently published X post, he posted a SHIB daily chart that shows the buy signal on the TD Sequential indicator.
While the meme crypto is changing hands at $0.00002076 as of this writing, Martinez believes that the asset is likely to see a massive price jump to the $0.00002800 level or near it. If successful, that would be an increase of roughly 35% for SHIB.
#ShibaInu might be primed for a rebound as the TD Sequential indicates a buy signal on the $SHIB daily chart! pic.twitter.com/jwZ3UbJQ1N
— Ali (@ali_charts) June 15, 2024
Over the past week, Shiba Inu has seen a decline that took it down 21.7% – from the $0.00002530 mark to $0.00001983 on Friday. By now, SHIB has printed a small rebound, rising by 4.7%, and it is changing hands at $0.00002078.