Shiba

Ethereum

Read

Shiba Inu

The second-largest memecoin, Shiba Inu (<a href="https://crypto.news/price/shiba-inu/">SHIB</a>), has gained bullish momentum as the asset’s burn rate registered a massive rise. 
SHIB is down by 5.8% in the past 24 hours and is trading at $0.000009 at the time of writing. The asset’s market cap stands at $5.29 billion with a daily trading volume of $400 million. Shiba Inu dropped to $0.0000088 earlier today, but gained upward momentum over the past few hours. 
<figure class="wp-block-image size-large">
 <img loading="lazy" decoding="async" width="1024" height="347" src="https://crypto.news/app/uploads/2023/12/SHIBA-INU-SHIB-12.59.03-05-Dec-2023-1024x347.png" alt="Shiba Inu burn rate explodes, buy signal emerges - 19" class="wp-image-14223517">
 <figcaption class="wp-element-caption">
 SHIB price, whale activity, open interest and exchange outflow – Dec. 5 | Source: <a href="https://app.santiment.net/charts/iTyjNxEu__sCl" target="_blank" rel="noopener">Santiment</a>
 </figcaption>
</figure> 
According to <a href="https://www.shibburn.com/" target="_blank" rel="noopener">data</a> provided by SHIBBURN, over 8.3 trillion tokens, worth around $75,000 at the reporting time, were sent to a dead wallet. Of this tally, 8.2 trillion SHIB were <a href="https://crypto.news/shib-holds-steady-above-0-000008-burn-rate-spikes-913-in-24-hours/">burned</a> in a single transaction. 
 You might also like: <a href="https://crypto.news/bitcoin-cardano-ethereum-show-bull-market-setup-analyst/"> Bitcoin, Cardano, Ethereum show bull market setup: analyst </a> 
Moreover, data provided by the market intelligence platform Santiment shows that whale transactions consisting of at least $100,000 worth of SHIB recorded a 40% increase over the past day — rising from 72 to 100 unique transactions.&nbsp; 
The Shiba Inu total open interest (OI) slightly declined in the past 24 hours. According to Santiment, SHIB’s total OI dropped from $13.8 million to $12.5 million while the exact amounts of short and long position holders are still not clear until further price movements. 
Data also shows that SHIB holders are showing signs of accumulation. Per Santiment, Shiba Inu’s exchange outflows rose by 154% in the past 24 hours — surging from 914 billion SHIB to 2.31 trillion SHIB.&nbsp; 
In simple terms, investors have sent 2.31 trillion Shiba Inu tokens to self-custodial wallets. 
Furthermore, as the accumulation grows, Santiment data shows that the SHIB price-daily active addresses (DAA) divergence indicates a strong buy signal — the price DAA divergence stands at 56.6% as there’s a smaller chance of whale manipulation. 
 Read more: <a href="https://crypto.news/analyst-sec-likely-to-prioritize-cash-create-spot-bitcoin-etfs/"> Analyst: SEC likely to prioritize ‘cash create’ spot Bitcoin ETFs </a>

Shiba Inu burn rate explodes, buy signal emerges

crypto.news

Other articles published on Dec 5, 2023

El Salvador President Nayib Bukele Lashes Out At Critics As Nation’s $131 Million Bitcoin Investm...

Walmart Joins Corporate Exodus from Elon Musk’s X Amid Controversial Remarks and Advertiser Concerns

Shibarium testnet puppynet shifts to sepolia for enhanced testing

BlackRock Resubmits Revised Bitcoin Spot ETF Proposal!

Giant Stock Exchange Announced the Listing of a New Altcoin! Price has moved!

Marathon Digital Holdings Hits New Milestones in Bitcoin Mining

Join our free newsletter for daily crypto updates!