Shiba Inu Burns 100M Tokens In Single Transaction: 'Another 120% Move From Here,' Predicts Trader
"Dogecoin killer" Shiba Inu (CRYPTO: SHIB) is up 1.7% in past 24 hours, maintaining its top 10 spot by market capitalization.
What Happened: Shytoshi Kusama, Shiba Inu's lead developer, tweeted about major 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.
Trending: If you invested $100 in DOGE when Elon Musk first tweeted about it in 2019, here's how much you'd have today.
This trader spent only 1.51 $ETH($2,521) to buy 49.8B $SHIB($1.93M currently) in 2021!
After 2.6 years of staking, he withdrew all 40.5B $SHIB($1.58M) and deposited it into #Coinbase 30 mins ago.
If he sells, he will make ~$1.58M, a gain of 628x!https://t.co/oE4sETZwa4 pic.twitter.com/4O7cxM6PRB— Lookonchain (@lookonchain) March 5, 2024
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 Inu is inching closer to Dogecoin's valuation, which currently stands at $22 billion.
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.
Shibarium Scan data indicated a significant surge in new accounts, reaching 195 as of March 5, compared to 57 as of March 4.
Shibburn data showed 177 million tokens were burned in the past eight hours, coinciding with the meme coin’s 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 Marks indicated the potential for a further Shiba Inu rally:
$SHIB (Shiba) added another nearly +162% to prices after the attached post and can still be in a position for more.
$0.00008 in another 120%+ move from here can be coming... https://t.co/9w8McvA5dV pic.twitter.com/4LmeLbncuL— JAVON�MARKS (@JavonTM1) March 6, 2024
Shiba Inu has been on a consistent rally for several weeks, accompanied by significant developments, new product releases, increased whale transactions and high burn rates.
These factors combined may fuel 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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