Shiba Inu Burns 600 Million SHIB In Single Day: What Is Going On?
Shiba Inu (CRYPTO: SHIB) is seeing a new spike in its burn rate after its expansion to the Base blockchain, renewing hopes for a fresh uptrend.Cryptocurrency
Ticker
Price
Market Cap
7-Day Trend
Shiba Inu
(CRYPTO: SHIB)
$0.00001353
$7.97 billion
-13.1%
Dogecoin
(CRYPTO: DOGE)
$0.2308
$34.7 billion
-17.7%
Pepe
(CRYPTO: PEPE)
$0.00001218
$5.1 billion
-12.7%
Trader Notes: According to TradingView's July 26 analysis, SHIB was consolidating just below key resistance at $0.00001402 on the 2-hour chart.
The setup suggests a bearish scenario may play out, with a minor bounce followed by a drop toward the $0.00001299 support zone.
Resistance levels to watch:
$0.00001405
$0.00001432
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Statistics: Shibburn data shows the burn rate spiking 374,629.7%, as a single transaction involved the burn of 600.7 million SHIB, worth $8,300.
IntoTheBlock data shows Shiba Inu large transaction volume dropping by 71.2%, while daily active addresses grew by 12.9% in a single day.
Community News: In a major update, Shiba Inu announced that SHIB is now live on the Base blockchain, Coinbase's Ethereum Layer-2 network.
The move is aimed at strengthening its burn mechanics and building new DeFi utility.
The team called it the 'burn engine fuelling the whole ecosystem,' with Creator Coin activity on Zora contributing to over 600 million SHIB burned.
"The more it grows on Base, the bigger the blaze," the team stated, emphasizing scarcity-driven value appreciation.
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Image: Shutterstock
This article Shiba Inu Burns 600 Million SHIB In Single Day: What Is Going On? originally appeared on Benzinga.com
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