SHIB Burn Sparks Up 6,936%, Boosting SHIB Above Key Support

SHIB restores a critical support line as BTC hovers above $30,000 for the second time this year.

Shiba inu on burning land, smiling.
Created by Kornelija Poderskytė from DailyCoin
  • Shiba Inu reclaims critical support in the latest rebound effort.
  • SHIB Burn records 341,504,230 coins blazed in the last 24 hours.
  • On-chain metrics deliver mixed signals for $SHIB & $BONE.

The popular memecoin Shiba Inu is back to its usual #15 spot by global market cap. Scoring 13.6% gains in the last 24 hours, the canine coin’s bullish run is largely ignited by the increased Shiba Inu (SHIB) burn rate.

Indeed, the community, popularly known as SHIB Army, managed to burn 341 million $SHIB in five transactions in one day. That’s close to last week’s total count of 377 million $SHIB tokens burned.

Sponsored

At press time, SHIB trades at $0.00000832, according to CoinGecko. Bouncing back a crucial support level of $0.000008, Shiba Inu got a powerful boost amid Bitcoin breaking through $30,000 after BlackRock’s inaugural Bitcoin ETF filing.

BONE & SHIB Fetch Gains Amid Mixed On-Chain Signals

While Shiba Inu regained its position in the TOP 15 by crypto global market capitalization, Shibarium’s gas fee token Bone ShibaSwap (BONE) also scooped up 9% daily gains to trade at $0.8329, according to CoinGecko.

However, the on-chain signals for $SHIB and $BONE provided by the blockchain data analytics platform IntoTheBlock point to the same strongly bullish signal – In The Money. While 42% of BONE holders are making a profit at this price, only 14% of $SHIB holders are currently in profit.

Both $SHIB and $BONE perform almost identically in net network growth, slightly on the bearish side. The only neutral real-time on-chain signals are concentration, which usually goes up during an Ethereum whale buying spree.

Sponsored

Large transactions are both coins’ most bearish on-chain signals in the Shiba Inu Ecosystem. For instance, Shiba Inu’s large transactions are on a 10.40% downward trend, indicating that whales haven’t been as active on the network.

On the Flipside

  • Despite the ongoing bull run, Shiba Inu’s social media sentiment is 93.21% on the neutral side, according to LunarCrush.
  • Only 2.17% of all posts regarding Shiba Inu in the last 24 hours were deemed bullish, while another 4.62% are bearish.

Why This Matters

Shiba Inu’s burn rate often indicates the community’s willingness to maintain the memecoin’s price.

Read DailyCoin’s latest crypto news:

What Does Ripple’s Singapore Approval Mean for Its International Ambitions?

Here’s Why Paradigm’s New Ethereum Node Is Special

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Author
Tadas Klimasevskis

Tadas Klimaševskis is a Lithuanian journalist at DailyCoin, specializing in covering the lighter side of the crypto industry such as memecoins and pop culture in the metaverse. He has experience as a music artist, English language teacher, and freelance writer, and uses his creative writing skills to summarize valuable information in his work. He is also a strong believer in the potential of blockchain and spends his free time listening to music, traveling, and watching basketball games.