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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 Pacquiaos 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.
Pacquiaos foundation, which operates as a non-profit, aims to leverage the cryptocurrencys 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.
See More: Dogecoin HODLERs Are Beating Shiba Inu With 57% Landing In Profits, IntoTheBlock Data Reveals
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.
#SHIBA $SHIB has broken out of a Major Trendline and is currently undergoing a Retest.
If the retest is successful, we might witness a Bullish Rally up to 2x by mid-December. ? https://t.co/xwmUbRSdVp pic.twitter.com/L9bwnm4TKb Captain Faibik (@CryptoFaibik) November 15, 2023
Should Captain Fabiks forecast come to fruition, a bullish rally could propel Shiba Inus 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.
Read Next: Heres How Much You Should Invest In Shiba Inu Today For A $1M Payday If SHIB Hits 1 Cent?Loading… Loading… Loading…
