Shiba Inu (CRYPTO: SHIB) is seeing increasing burn rates even though prices remain stagnant.
What Happened: Shibburn data revealed that 40.46 million SHIB coins were burned in a single transaction, pushing the burn rate higher by 876.05%.
This followed another 250 million SHIB burned just three days earlier.
The event highlights the ongoing effort to reduce supply and drive long-term value for holders.
Crypto trader Bluntz Capital shared his long position on SHIB, calling it "insanely strong."
Despite its solid uptrend, Bluntz emphasized that the meme coin has yet to experience a parabolic breakout.
On the SHIB/BTC pair, Bluntz noted accumulation at rock-bottom levels, predicting a multi-fold price rally in the future.
$shib looks insanely strong, its obviously in a solid uptrend but its been a controlled one, no parabolic break...... YET.
— Bluntz (@Bluntz_Capital) December 7, 2024
but its coming, shib/btc pair also accumulating at rock bottom.
legit think this will pull multiple X's
longing this on bybit, shameless ref link plug ... pic.twitter.com/Xv4wO1yEkN
Also Read: 'Dogecoin Killer' Shiba Inu Burns 53 Million Coins In A Day: What Is Going On With SHIB?
Why It Matters: IntoTheBlock data shows Shiba Inu large transaction volume dropped 14.8%, while daily active addresses grew by 7.8%.
Transactions greater than $100,000 narrowed from 563 to 488 in a single day.
Daily transactions moved higher from 4.75 million as of Dec 7 to 4.77 million as of Dec 8, Shibariumscan data shows.
Shiba Inu's lead developer Shytoshi Kusama clarified in a tweet on Saturday that SHIB's success isn't solely tied to burn activities. Instead, it reflects the broader strategy behind Shibarium, emphasizing its utility, governance, partnerships and long-term growth potential.
Kusama noted that focusing solely on burns misses the bigger picture: "Revenue partners and growth will drive both burns and sentiment over time."
- Shiba Inu's 208% Surge This Year Sparks Predictions Of Top 10 Crypto Ranking In 2025
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