Shiba Inu Burns 100M Tokens In Single Transaction: ‘Another 120% Move From Here,’ Predicts Trader
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"Dogecoin killer"Shiba Inu SHIB/USD is up 1.7%in past 24 hours,maintaining its top 10spot by market capitalization.
What Happened: Shytoshi Kusama, Shiba Inu's lead developer,tweetedaboutmajor releases coming soon.
He mentioned being in meetings and consultations with partners for a Shiba Inu-themed service set to launch. These announcements and upcoming products come in the wake of Shiba Inu's recent rally.
Additionally, Lookonchain data highlighted a trader who could multiply their profits by 628 times if not deposited into Coinbase.
As the crypto community eagerly anticipates Shiba Inu potentially surpassing Dogecoin, these new products and services could further fuel the momentum of the meme coin.
Notably, Shiba Inuis inching closer to Dogecoin's valuation, which currently stands at $22 billion.
Read Also: 'Dogecoin Killer' Shiba Inu Is 'Catching Up' To DOGE, Says Crypto Analyst: 'On-Chain There Is A Lot More Craziness'
Why It Matters: According to IntoTheBlock data, Shiba Inu transactions greater than $100,000 have been increasing.
As of May 5, this number stands at 3,848 transactions, up from 2,222 transactions on May 4.Loading… Loading…
Shibarium Scan data indicateda significant surge in new accounts, reaching 195 as of March 5, compared to 57 as of March 4.
Shibburn data showed177 million tokens were burnedin the past eight hours, coinciding with the meme coins price recovery after a slight sideway trade yesterday. Among these burns, a single transaction of 100.5 million tokens was carried out, along with 39.5 million and 10 million tokens in other notable burn transactions.
Technical analyst Javon Marksindicated the potential for a further Shiba Inu rally:
Shiba Inu has been on a consistent rally for several weeks, accompanied by significant developments, new product releases, increased whale transactionsand high burn rates.
These factors combined mayfuel a further rally in the meme coin.
Read Next: If You Invested $100 In Shiba Inu When The Coin Launched, Here's How Much You'd Have Today
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