In a whirlwind of activity, Shiba Inu (SHIB) has witnessed an unprecedented 1400% surge in its burn rate within the past 24 hours. This remarkable development unfolded as a substantial 105 million SHIB tokens found their way into a dead wallet on Thursday, triggering significant implications for the popular cryptocurrency.
Crypto analyst Captain Faibik observes a significant breakout in $SHIB, hinting at a potential 2x Bullish Rally by mid-December.
#SHIBA $SHIB has broken out of a Major Trendline and is currently undergoing a Retest.
— Captain Faibik (@CryptoFaibik) November 15, 2023
If the retest is successful, we might witness a Bullish Rally up to 2x by mid-December. 🚀 https://t.co/xwmUbRSdVp pic.twitter.com/L9bwnm4TKb
The surge in token burning aligns seamlessly with a groundbreaking announcement involving none other than retired boxing legend Manny Pacquiao and his philanthropic organization. Shibburn, a Shiba Inu burn data tracker, reported that transferring 105 million SHIB tokens has led to an impressive reduction in the total supply—from 999.98 trillion to 410.66 trillion.
This surge in burning activity coincides with the revelation that Manny Pacquiao’s charitable foundation is set to embrace the Shiba Inu network. The Manny Pacquiao Foundation, operating as a non-profit entity, has articulated plans to integrate Shiba Inu’s Layer 2 solution, Shibarium, into its funds management system. This strategic move aims to amplify the foundation’s fundraising initiatives through the adoption of cryptocurrency.
Shiba Inu (SHIB) is currently priced at $0.000008788, reflecting a marginal increase of 0.69% over the last 24 hours. With a market cap of $5.18 billion, SHIB holds the 19th position among cryptocurrencies. The trading volume in the last 24 hours amounts to $282.01 million, securing the 33rd spot in the market. The volume-to-market cap ratio stands at 5.56%, indicating a relatively active trading activity.
Should Captain Fabik’s prediction come to fruition, Shiba Inu’s valuation could soar to $0.00001694, marking a significant high for the meme coin in 2023. Notably, Captain Fabik commented,
SHIB has broken out of its major trendline and is undergoing a retest. If the retest proves successful, we might witness a bullish rally up to 2x by mid-December.
Investors and enthusiasts are closely monitoring the unfolding situation, with the crypto market’s attention fixated on the potential for a bullish rally in Shiba Inu’s value. The collaboration with Manny Pacquiao’s foundation introduces a charitable dimension to Shiba Inu’s use case, potentially enhancing its appeal among investors.
In summary, the recent surge in Shiba Inu’s burn rate, coupled with the strategic adoption by the Manny Pacquiao Foundation, has ignited optimism within the cryptocurrency community. Analysts are now eyeing a potential 2X rally for SHIB, setting the stage for an eventful December in the realm of meme coins.
