Altcoin

Shiba Inu Coin Burn Rate Blows Up 2000%, What’s Next?

Published

2 weeks ago

September 7, 2024

Shiba Inu coin garnered considerable investor enthusiasm on Saturday as its burn rate noted a whopping 2000% uptick. The latest data from Shibburn revealed that over 200 million SHIB taken out of the meme coin’s supply in the past 24 hours. However, despite the surge in burn rate, SHIB price traded in the red zone today. This chronicle, as a whole, has ignited investor speculations on the coin’s future price trajectory amid ongoing and upcoming ecosystem developments.

Shiba Inu Coin Garners Optimism With Burn Rate Surge

According to an X post by Shibburn dated September 7, the Shiba Inu coin witnessed the incineration of a whopping 253.52 million SHIB in the past 24 hours. This colossal amount burned resulted in a 2086% surge in today’s burn rate.

Shiba Inu Coin burn data

Meanwhile, per the data, the dog-themed meme coin closes this week with a 209% surge in the burn rate recorded over the past seven days. This massive burning, in turn shredding the meme coin’s supply, has birthed optimism on long-term price prospects.

Moreover, a stockpile of upcoming ecosystem developments has further solidified sentiments of increased SHIB adoption ahead. The Shiba Inu coin’s community continues to enhance user appeal, with its marketing lead rolling out a stockpile of developments in an X post recently.

Lucie Spotlights Shib’s Tech Evolution

As per a recent X post by Shiba Inu’s marketing lead Lucie, “Shib ecosystem is buzzing with exciting developments.” The upcoming projects encompass TREAT, Shibahub, Shib: The Metaverse, Woofvertise, Shib Dev, Shib Torch, and Shib Games, among many other projects.

The Shiba Inu coin’s community hopes to magnetize users across the globe with these new developments. Further, a recent CoinGape Media report also spotlights the ShibDev portal, a revolutionary approach to building on Shibarium.

Nevertheless, despite a plethora of upcoming upgrades and a colossal surge in burn rate, the ecosystem’s native token, SHIB, traded in the red today.

SHIB Price Slips, What’s Next?

SHIB price cracked nearly 3% in the past 24 hours and is currently trading at $0.0000129. The meme token’s 24-hour low and high were recorded as $0.00001238 and $0.00001343, respectively. This slumping movement primarily aligns with the broader crypto market crash today, with BTC slipping to the $53K level.

Nonetheless, it’s worth noting that a recent Shiba Inu coin price analysis by CoinGape Media shows that the coin is currently in a consolidation. This paves the way for a price breakout ahead, with market watchers uncertain of the movement despite the abovementioned developments.

Coinglass data illustrated a 7.63% dip in the coin’s OI to $22.67 million today, adding to this uncertainty. Crypto market participants continue to extensively eye SHIB for future price run shifts.