Shiba inu

‘Dogecoin Killer’ Shiba Inu Burn Rate Spikes Almost 400%, Marketing Lead Points Out ‘3x On SHIB’ If You Purchased Last Year

Shiba Inu (CRYPTO: SHIB) is clawing back losses with an increasing burn rate and key statistics of Shibarium witnessing significant growth.

What Happened: Shibburn data reveals a 397% burn rate surge in the past 24 hours, with 24.2 million coins in a single transaction burned.

Lucie, the marketing lead of Shiba Inu stated on X to pay attention to SHIB, marking the similar price trajectories of SHIB and Bitcoin. Bitcoin is up 2.7% on the da.

IntoTheBlock data shows a price correlation of 0.69 between Shiba Inu and Bitcoin, lower than the 0.95 of Dogecoin and Bitcoin.

In a similar May 8 tweet, Lucie noted that Shiba Inu is like Bitcoin, saying “No one is behind it” and everyone can build around SHIB. She added, “If you kept buying in 2022-2023, you are 3X on SHIB. SHIB is doing well, and if we people stick together and focus less on FUDders and more on adoption, we can see SHIB break all their pessimistic predictions.”

Also Read: VanEck Meme Coin Index With DOGE And SHIB Would ‘Outperform 99% Of People If You Left It Alone,’ Says Trader

Why It Matters: Shibariumscan data shows a 65% spike in active accounts to 1,706 on May 8, up from 1,034 on May 7 after the MarketVector Meme Coin Index was launched. Also, new contracts grew from 3 to 26.

IntoTheBlock data notes a 17% increase in large transaction volumes to $52.3 million. Around 76% of Shiba Inu holders have accumulated the meme coin for more than a year, while 21% are holders of one to 12 months.

Price Action: At the time of writing, SHIB is trading at $0.00002314, up 0.2% on the day.

What’s Next: The influence of 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: Shiba Inu’s Whale Transactions Spike 383% And New Account Creations Soar 15X On Nexo Listing Announcement

Image: Shutterstock

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