Shiba Inu's SHIB/USD strong burn rates and whale interest continue to bolster the meme coin's potential price trajectory.
Shiba Inu (CRYPTO: SHIB) continues to see strong burn rates and interest from whales, which could be bolstering the meme coin’s potential price trajectory.
Shiba Inu Burn Rate Surges: According to data from Shibburn, a platform that tracks SHIB burns, the past 24 hours saw a 155.7% increase in the burn rate. During this time, 72.2 million SHIB were burned.
Shiba Inu’s marketing lead, Lucie, recently shared her thoughts on why a SHIB ETF would be beneficial but not suitable for DeFi.
In her latest post, she highlighted several pros and cons of a SHIB ETF.
On the positive side, she mentioned greater accessibility to the Shiba Inu meme coin, offering regulated and secure products, facilitating diversification and driving up demand for SHIB.
However, potential drawbacks include centralization, loss of direct ownership of the meme coin, decreased engagement, and the presence of costs and regulations.
Whale Interest In SHIB: Data from Santiment showed strong accumulation of SHIB by whales.
Shibariumscan data indicated an increase in active accounts, rising from 504 on July 9 to 621 on July 10.
Moreover, new transactions spiked from 3,400 to 5,987, and daily transactions also saw a surge, climbing from 3,400 to 5,990.
Finally, IntoTheBlock data highlighted an 8.9% increase in daily active addresses, with 49% of Shiba Inu holders currently in the green.
The above is the detailed content of Shiba Inu (SHIB) Burn Rate Explodes 155% as Whale Accumulation Strengthens. For more information, please follow other related articles on the PHP Chinese website!
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