Shiba Inu Burn Rate Skyrockets 1400% After 105M SHIB Sent To A Dead Wallet: Analyst Predicts Potential 2X Rally By December

Shiba Inu (CRYPTO: SHIB) 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.

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.”

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.

Read Next: Here’s How Much You Should Invest In Shiba Inu Today For A $1M Payday If SHIB Hits 1 Cent?