Altcoin

SHIB Burn Shoots Up Over 8000%, Is Shiba Inu Coin Primed To Pump?

Published

1 week ago

September 11, 2024

Riding against the backdrop ecosystem developments, the Shiba Inu meme cryptocurrency has again sparked investor optimism on Wednesday with a colossal surge in the SHIB burn rate. As the token’s community revealed that the burn rate surged over a whopping 8000% in the past 24 hours, investor sentiments for Shiba Inu coin’s future price movements have turned optimistic.

However, SHIB price currently trades in the red zone, aligning with the broader market trend. Crypto market enthusiasts speculate whether considerable gains for the meme token loom over the crypto horizon with recent events weighing in.

SHIB Burn Soars More Than 8000% Sparking Market Optimism

According to data by Shibburn dated September 11, the SHIB burn rate rocketed 8193.59% in the past 24 hours. This surge is primarily attributable to nearly 3 million coins burnt over the past day.

Meanwhile, the weekly burn chart illustrated a staggering 271.05 million SHIB burned in the past seven days. Altogether, the dog-themed meme coin’s supply has taken a massive blow, emerging as bullish for investors. For context, the law of supply and demand validates that even if the market remains the same, a reduction in supply could bring a positive effect on price.

Additionally, the recent ecosystem developments have further added to investor enthusiasm surrounding the meme-themed coin. CoinGape Media recently reported that Shiba Inu exec Lucie spotlighted upcoming knBONE on Shibarium, offering a vital opportunity for devs.

SHIB Price Slips Today, What’s Ahead?

However, despite the surge in burn rate and recent ecosystem advancements, SHIB price today traded at $0.00001326, down nearly 2% in the past 24 hours. The coin’s intraday low and high were recorded as $0.00001314 and $0.00001367, respectively. Today’s waning movement falls in line with the broader crypto market trend.

Simultaneously, Coinglass data illustrated a 5% dip in the token’s futures OI to $25 million today. Moreover, the token’s derivatives volume dipped 36%, stirring uncertain sentiments on future price movements driven by reduced investor interest.

Nevertheless, a recent Shiba Inu coin price analysis by CoinGape Media revealed that the meme token eyes 8% gains ahead. Some volatility may be expected due to the recent Indonesian crypto exchange hack that engulfed 9 billion Shiba Inu (SHIB) tokens and broader trends. Nonetheless, crypto market participants continue to eye the token for future price action shifts.