Shiba Inu Coin Burn Rate Surges 281.21%
Shiba Inu, a popular meme coin on the Ethereum network, experienced a significant surge in its burn rate, leading to excitement among crypto enthusiasts. The burn rate, as reported by Shibburn, increased by 281.21% in a single day, resulting in the incineration of 6.64 million SHIB coins. This surge in burning indicates optimism within the Shiba Inu community and could potentially drive up the token’s value.
Recently, the meme coin faced volatility along with other cryptocurrencies following James Powell’s speech on unchanged interest rates. However, Shiba Inu managed to bounce back after finding support at $0.0000085, suggesting the possibility of a breakout above $0.00001.
Shiba Inu Burn: Key Details
According to Shibburn, a total of 410.70 trillion SHIB tokens have been burnt from Shiba Inu’s initial circulating supply. The current circulating supply stands at 581.34 trillion tokens. This significant difference between burnt and available tokens showcases the community’s efforts to enhance SHIB tokenomics by reducing supply and increasing price and demand. However, at present, the price of Shiba Inu has slightly dropped, leading to speculation among traders and investors.
Potential for Shiba Inu Price to Reach $0.00001
Despite a minor 0.24% decrease in the past 24 hours, the price of Shiba Inu is currently trading at $0.0000089, according to CoinMarketCap. TradingView’s chart suggests the possibility of the meme coin reaching higher levels this week, as indicated by a daily candle forming and an ascending trend line. Additionally, CoinGape Media’s report highlights the importance of the 200-day Exponential Moving Average (EMA) shifting to higher support to further favor bullish momentum.
Hot Take: Shiba Inu Continues to Generate Excitement
The recent surge in the burn rate of Shiba Inu coins has sparked enthusiasm among crypto enthusiasts. With millions of SHIB tokens being incinerated, the Shiba Inu community aims to enhance tokenomics and drive up the token’s value. While the price has experienced some fluctuations, there is optimism for a breakout above $0.00001. Traders and investors are closely monitoring Shiba Inu as it continues to generate attention and speculation in the global crypto market.
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