Shiba Inu, the meme crypto positioned as the self-proclaimed Dogecoin killer, has once again stirred up a storm of speculation among crypto market traders and investors globally. Today, May 9, the crypto has recorded a significant 200% surge in its burn rate, a development that has coincided with a highly volatile price action experienced by SHIB in the past 24 hours.

These current market statistics have not only set the crypto space abuzz but also sparked discussions among the global crypto community over SHIB’s future price movements. Let’s delve into SHIB’s current cryptographic dynamics.

Burn Rate Surge Ignites Hope For Shiba Inu

Notably, insights streamlined by the meme coin’s burn tracker Shibbrun reveal that the burn rate surged 210.27% in the past 24 hours. Further, incinerating 24.63 million tokens from Shiba Inu’s supply, this surge in the burn rate rides usual market sentiments of optimism.

Meanwhile, upon deeper investigation, it was found that a massive dead wallet transaction primarily sparked the burn upswing. Shibburn’s data shows that a wallet, going by the address 0xa9d1e08c7793a…, moved 24.17 million SHIB to a null address.

This transaction has garnered significant attention, as data by Nansen further illustrated that the crypto holdings on this address totaled a whopping $287.57 million. At press time, the wallet’s SHIB holdings totaled 162.25 billion SHIB. This data, collectively, has set off ripples of speculation across the broader crypto market.

Also Read: 3 Altcoins To Sell Amid Short-Term Market Correction

Shiba Inu Price Fluxes

Whereas, while writing, SHIB’s price tumbled 0.62% in the past 24 hours and is currently trading at $0.00002254. With the token’s 24-hour lows and highs being $0.00002236 and $0.00002318, respectively, SHIB’s price trajectory illustrates a highly volatile movement.

Coinglass data illustrated a slight 0.28% decrease in the token’s open interest, reaching $57.84 million, whereas volume sprung 2.31% to $113.34 million. This could further be driving SHIB’s turbulency as the derivatives market witnesses increased trading activity. However, the dip in open interest sparks a bearish sentiment for Shiba Inu.

In the interim, it’s also worth noting that the RSI floated at around 40, hinting at a broader neutral sentiment with some downside pressure on the token. This further aligns with SHIB’s turbulent price action, as the abovementioned burn upswing comes as an effort to boost the Dogecoin rival’s price action.

Additionally, adding to the mixed sentiments in the market, Shiba Inu liquidations, totaling $472.24K, underscored significantly reduced selling pressure. This comes as an undermined value compared to the whopping $133.52 million liquidations recorded in the global crypto market over the past 24 hours. The abovementioned data underlines a battle between bulls and bears for taking control over the token, painting an uncertain scenario for the price trajectory ahead.

It’s also worth mentioning that the SHIB token, the second-largest cryptocurrency by market cap, was highlighted in VanEck’s subsidiary’s meme coin index, underlining the token’s noteworthy market performance over the past year.

Also Read: Bitcoin Notes $350M Bids As BTC Price Slips, What’s Next?

✓ Share:

CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.