'Dogecoin Killer' Shiba Inu Setting Up For 'Inevitable Bull Run' As Burn Rate Soars 297% In Single Day

Author: Khyathi Dalal | July 17, 2024 09:10am

‘Dogecoin Killer' Shiba Inu's (CRYPTO: SHIB) constant gains and rising burn rates could lead the meme coin towards an “inevitable bull run.”  

What Happened: Shibburn data shows the burn rate increased by 297.3% in the past 24 hours, with 899,940 coins removed from the ecosystem. Shiba Inu has been consistently burning coins over the past week, increasing the scarcity of SHIB.

Shiba Inu announced that it will be the title sponsor of ETHToronto which is scheduled for Aug.13 to Aug.14. The event is a highlight of the Blockchain Futurist Conference and marks a significant week in Canada's cryptocurrency and blockchain showcase.

In last year's event, Shiba Inu launched its Layer-2 solution, Shibarium, on the Ethereum blockchain. Shibarium has since processed more than 400 million transactions.

Shytoshi Kusama, Shiba Inu’s lead developer, said, "ETHToronto has always been an important event for us when it comes to making news and outlining the steps on our roadmap to becoming the ultimate decentralization hub."

Also Read: Is ‘Dogecoin Killer’ Shiba Inu Approaching A ‘Golden Cross’? Here’s What Technical Analysis Says

Why It Matters: IntoTheBlock data shows large transaction volume increased by 86.5% and daily active addresses grew by 25%. Also, transactions greater than $100,000 more than doubled from 82 transactions as of July 15 to 187 as of July 16.

Shiba Inu is currently trading around 3% away from the $0.00002 mark, another significant milestone. It is up 15% over the past week.

Crypto Sheriff noted in a latest tweet reaffirmed that Shiba's consolidation is over, and these could be the first steps of an "inevitable bull run."

I said in #SHIB that consolidation is over and we are in the first steps of the inevitable bull run!🦬

Now, the market is more positive across the board than in the past and $Shib continues to send! https://t.co/ohnVEXpekP pic.twitter.com/7nYFCVMmm0

— CRYPTO SHERIFF (@Gem_Sheriff) July 17, 2024

What’s Next: The influence of meme coins and Bitcoin as an institutional asset class is expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.

Read Next:

• Dogecoin, Shiba Inu, Pepe Will Still Have Supercycle But ‘2021 May Never Happen Again,’ Muses Trader

Image: Shutterstock

Posted In: $SHIB