$SHIB Inu Burns 600 Million SHIB in Single Day: Whatโs Behind the Surge? ๐
Shiba Inu (SHIB) has sparked excitement in the crypto world after a dramatic spike in its burn rate, coinciding with its recent expansion to Base blockchain. This surge is reigniting hopes of a new uptrend for the beloved memecoin. ๐ฅ
๐ SHIB Key Stats
Price: $0.00001353
Market Cap: $7.97 billion
7-Day Trend: -13.1%
SHIB's Burn Rate Soars ๐
On July 26, Shibburn data reported a 374,629.7% increase in SHIB burns, with a single transaction alone incinerating 600.7 million SHIB โ valued at $8,300. ๐ธ This drastic burn spike is making waves in the market.
IntoTheBlock also revealed that while large transactions saw a 71.2% drop, daily active addresses grew by 12.9% in just one day.
๐ Technical Analysis
Resistance Levels to Watch:
$0.00001405
$0.00001432
According to TradingView, SHIB is currently consolidating below key resistance at $0.00001402. A minor bounce could follow, but the setup suggests a bearish scenario with a potential drop to the $0.00001299 support zone.
๐ SHIB on Base Blockchain
The big news? SHIB is live on Base blockchain, Coinbaseโs Ethereum Layer-2 network. ๐ This move is designed to boost SHIBโs burn mechanics and expand its DeFi utility. The team calls this the "burn engine fuelling the ecosystem" โ with Creator Coin activity on Zora playing a role in burning over 600 million SHIB.
The more SHIB grows on Base, the more the burn intensifies. As the team puts it, "the bigger the blaze," signaling that scarcity-driven appreciation could follow. ๐ฅ
๐ฎ Whatโs Next?
With SHIBโs increasing burn activity and the expansion to Base blockchain, the memecoin is primed for a potential uptrend if this momentum continues. Investors and traders are watching closely for the next move. ๐ก
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