Altcoin
Shiba Inu Burn Rate Jumps 800%, SHIB Price Recovery Looms?
Shiba Inu burn rate again surged by a remarkable 800% on Monday, sparking slight investor optimism despite the recent market slump ahead of FOMC. Roughly 6 million tokens were removed from the dog-themed meme coin’s circulating supply in the past 24 hours. However, with SHIB price tanking 5% intraday amid a broader market slump, the future outlook remains uncertain at the moment.
Shiba Inu Burn Rate Upswings 800% As 6M Coins Destroyed
As per the latest data offered by Shibburn on X, the Shiba Inu burn rate witnessed an 856% uptick intraday. Notably, the removal of 6.27 million tokens from the circulating supply has ignited the abovementioned surge.
For context, the SHIB token burn mechanism permanently cuts the coin’s circulating supply, thereby sending tokens to a null address. In turn, traders anticipate gains in light of the law of supply and demand.
Meme Crypto Market Wanes Ahead Of FOMC
However, the current broader market slump has pushed the meme coin to defy such usual market sentiments. Notably, the meme crypto market witnessed an alarmingly waning movement in line with the broader cryptocurrency prices on Monday. This bearish momentum comes ahead of the January 29 FOMC, with market participants reflecting a cautious approach to risk assets.
Further, the crypto market also recorded massive liquidations, adding heat to prices. Altogether, these factors have brought volatility to the intraday price movement despite the recent surge in the Shiba Inu burn rate.
What’s Next For SHIB Price?
At the time of reporting, SHIB price witnessed a 10% dip in value and is currently trading at $0.00001796. Its intraday low and high were $0.00001795 and $0.00002006, respectively. Notably, renowned crypto market analyst Ali Martinez revealed that the $0.0000185 to $0.0000212 range stands as the most critical support zone for the token.
Investors remain apprehensive as the current price level is notably below this range despite the recent Shiba Inu burn rate surge. However, a recent Shiba Inu price analysis by CoinGape revealed that top holders accumulated nearly 30 trillion tokens, sparking optimism over future movements.
Also, the meme coin’s marketing lead, LUCIE, has taken to X amid the market crash, stating that “The Shib Ecosystem is still building strong.” This statement has added optimism, hinting at looming advancements. As a result, market participants continue to monitor the token for further price action shifts, given the FOMC looms whilst the ecosystem gears up for developments.
Coingape Staff
CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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