‘Dogecoin Killer' Shiba Inu SHIB/USD burnt around 12 million coins in only 24 hours as the community boasts new developments.

What Happened: Shibburn data noted a rise of 451.06% in the past 24 hours as 12.2 million coins were removed from the system. One transaction with 2.6 million coins was recorded around nine hours ago while two other transactions around 19 hours ago burnt 7.3 million and 2.01 million coins respectively.

Lucie, marketing lead of Shiba Inu, noted in a recent tweet that Bone is crucial for Shibarium making it an integral part of all the operations and advancements within the platform.

Highlighting Shibarium's key strength of low transaction costs, Lucie pointed out that with only 800 Bone in sponsored gas fees around 140,000 NFTs were minted.   

Earlier this week, Lucie also announced the launch of ShibDev offering a full range of tools, including API management, node access, and on-chain data — ideal for developers at any level.

Also Read: ‘Dogecoin Killer’ Shiba Inu Confirms Bullish Patterns, Eyes 231% Recovery To 2024 Highs As Burn Rate Soars

Why It Matters: IntoTheBlock data shows a 58.8% drop in large transaction volume over the past 24 hours while transactions greater than $100,000 dropped by more than half. Currently, 53% of Shiba Inu holders are making losses higher than those making a profit.

Benzinga's technical analysis points to Shiba Inu's RSI of 44.4 as of Sept. 5 indicating a negative trend or bearish indicator. By definition, this level implies that the average loss is greater than the average gain and traders may want to look for selling opportunities.

The Simple Moving Average chart shows 50-day SMA going below the 100-day SMA and 200-day SMA levels implying near-term volatility for the meme coin. However, the 200-day SMA positioned above the others indicates confidence in the longer term.

Shibariumscan data reported new accounts increasing from 20 accounts as of Sept. 4 to 45 as of Sept. 5.

What’s Next: The influence of Bitcoin as an institutional asset class is expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.

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