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Shiba Inu Burn Rate Rockets 6000% Sparking Optimism Over SHIB Price Rally
The self-proclaimed Dogecoin killer Shiba Inu once again piqued significant investor interest despite today’s sluggish crypto market. Intriguingly, the meme coin’s price soared, defying broader market trends, primarily attributable to a 6000% upswing in its burn rate. Data from the tracker Shibburn shows over 10 million SHIB burnt over the past day, reverberating optimism for the coin’s future across the broader industry. Here’s a deeper understanding of why.
SHIB Burn Injects Market Optimism
Shiba Inu’s burn mechanism zeroes in on destroying SHIB, killing the meme coin’s market supply. The reduction of supply stages as a potentially bullish factor impacting market dynamics, abiding by the laws of supply and demand.
As per the data by Shibburn, the destruction of 10.24 million SHIB gave birth to a 6018.22% spike in the burn rate today. The total number of coins removed from Shiba Inu’s initial supply now totaled 410.727 trillion.
Notably, the address 0xa9d1e08c… appears to be responsible for the lion’s share in burning Shiba Inu. A whopping 8.56 million SHIB was burnt alone by the address via a couple of transactions.
Meanwhile, despite the global crypto market cap taking a hit, the price of SHIB has defied the broader trend, experiencing an upswing. This unexpected surge is in direct correlation with the jump in Shiba Inu’s burn rate, adding to investor intrigue surrounding the meme coin.
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Shiba Inu Price Soars
As of writing, SHIB’s price has been noted to have gained 2.75% and is currently trading at $0.00001729. The token’s 24-hour lows and highs are $0.00001642 and $0.00001764, respectively.
Coinglass data underlined a market uptrend for Shiba Inu, as its Futures OI surged 5.21% to $35.04 million, followed by a derivatives volume jump of 0.66% to 143.10 million. This data flags increased investor interest in the asset, coinciding with today’s price gains.
However, the RSI still surfaced along an oversold territory, resting at 27. This paves the way for potential gains ahead for SHIB, as it represents a market-entering opportunity for whales.
Additionally, the well-known crypto market analyst Ali Martinez recently took to X, spotlighting a buy signal on Shiba Inu’s daily charts. Collectively, market statistics on the token glimmer hope for future movements.
However, it’s worth mentioning that whales have also been recently recorded offloading Shiba Inu, adding a layer of intrigue to future price movements. On the other hand, the Shiba Army appears to have proposed a strategic SHIB burn initiative on Binance and Coinbase.
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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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