SHIB Burn Rate Surge Fuels Market Optimism for Shiba Inu Token
In a noteworthy development within the Shiba Inu ecosystem, the SHIB burn rate has surged, leading to increased market optimism for the token. The meme coin’s burn tracker has recorded a 75.01% increase in its weekly burn rate, with a massive transfer of SHIB to a dead wallet by the community.
Despite this positive momentum, derivatives data shows a drop in open interest and volume, indicating limited investor enthusiasm in the broader crypto market. However, with recent advancements and significant token burning by the community, the SHIB price is expected to rise to $0.0001.
SHIB’s Burning Saga: Boosting Tokenomics
The Shiba Inu community has implemented a burn mechanism to reduce the circulating supply of the meme coin and create scarcity for its token. This has led to significant burn transactions, attracting attention from crypto enthusiasts.
According to data from Shibburn, SHIB experienced a 61% decrease in its burn rate in the past 24 hours. However, a transfer of 32.40 million SHIB to a dead wallet resulted in a 75.01% increase in weekly burns. The community burned an impressive 176.72 million SHIB over the past week.
The total number of tokens burned now stands at 410.70 trillion SHIB, while the circulating supply is 581.44 trillion SHIB. As more coins are burned, market participants anticipate an increase in prices due to reduced supply.
Shiba Inu Price Movement
The price of Shiba Inu has seen a slight increase of 0.36% over the past 24 hours, currently trading at $0.000009531. However, the weekly chart shows a 4.85% decline in the meme coin’s price. This contrasts with the significant increase in burn rate, leading to speculation among traders and investors.
Derivatives data from Coinglass indicates a minor 0.24% drop in SHIB’s open interest and an 18.95% decrease in volume. While these drops suggest some money leaving the market and limited investor interest, technical indicators support an optimistic outlook for Shiba Inu.
Hot Take: SHIB Poised for Continued Growth
Despite fluctuations, SHIB has broken resistance levels and demonstrated bullish momentum. With ongoing token burning and recent price movements, it is expected that SHIB will continue its upward trajectory towards the $0.0001 resistance level.
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