Shiba Inu SHIB/USD has seen a 1400% increase in its burn rate over the past 24 hours, as 105 million SHIB tokens were transferred to a dead wallet on Thursday.
What Happened: This surge in token burning coincides with the news that retired boxing star Manny Pacquiao’s charitable organization will be adopting the Shiba Inu network to boost its fundraising initiatives.
In a statement released on Wednesday, the boxer-turned-politician said that the Manny Pacquiao Foundation would integrate Shiba Inu’s Layer 2 solution Shibarium into their funds management system.
Pacquiao’s foundation, which operates as a non-profit, aims to leverage the cryptocurrency’s platform to enhance its charitable work.
Data from Shibburn, a Shiba Inu burn data tracker, shows 410.66 trillion SHIB tokens have been burned from the 999.98 trillion SHIB max supply to date.
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Why It Matters: Crypto analyst Captain Fabik predicted SHIB could rally 2x by December.
The analyst said, “SHIB has broken out of its major trendline and is witnessing a retest. If the retest is successful, we might witness a Bullish Rally up to 2x by mid-December.”
Should Captain Fabik’s forecast come to fruition, a bullish rally could propel Shiba Inu’s valuation to $0.00001694 — a potential new high for the meme coin in 2023.
Image via CryptoFX on Shutterstock
Price Action: At the time of writing, SHIB was trading at $0.0000087 down 1.21% in the last 24 hours, according to Benzinga Pro.
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Image and article originally from www.benzinga.com. Read the original article here.