Altcoin
Shiba Inu Weekly Burn Rate Spikes, What’s Next For SHIB Price?
Shiba Inu has recorded a jump in token burn rates drawing the attention of the community amid new developments. The weekly SHIB burn rate spiked nearly 245% after a whopping 389.5 million tokens were removed from the circulating supply. The crypto asset price continues to trade mostly sideways in the last 24 hours after a 10% fall in a week amid the crypto market uncertainty.
Shiba Inu Burn Rate Surges 245%
The Shiba Inu ecosystem has marked another week of increase in the burn rate igniting several projections. In an update on X (formerly Twitter), the community was informed of recent changes to the token supply. This week, the network burned 389.2 million SHIB tokens marking a nearly 245% growth.
Moreover, SHIB burn rate has dropped 99% in the last 24 hours, with over 1.04 million tokens in just 2 transactions.
In the past 24 hours, there have been a total of 1,043,343 $SHIB tokens burned and 2 transactions. Visit https://t.co/t0eRMnyZel to view the overall total of #SHIB tokens burned, circulating supply, and more. pic.twitter.com/jArsAYY8YE
— Shibburn (@shibburn) September 2, 2024
Token burns are notable for igniting bullish projections because of the reduction in supply. This principle has been adopted by most projects seeking an uptick in price. On Aug 30, the SHIB burn rate soared 28,000% alongside a major futures listing. At the time, the weekly rate stood at 301% with widespread optimism of the ecosystem.
What’s Next For SHIB Price?
Shiba Inu burn rate has led to previous price projections, especially in times of bullish market sentiment. Although the crypto market remains sluggish after the last correction, experts anticipate consolidation is more likely to continue in September. Traders have also turned more cautious ahead of jobs reports this week that will provide solid cues on the anticipated September Fed rate cuts amid slowing inflation.
Interest rate cuts are tipped to attract growth in cryptocurrencies because investor funds will flow to risky assets. Furthermore, the community anticipates upsurge in the ecosystem following the recent SHIB community vote that tipped to increase user participation.
At press time, SHIB price trades at $0.00001351, rebound from the intraday low of $0.0000131. The trading volume has increased by 65% in the past 24 hours, indicating interest among traders.
However, the SHIB price is currently trading under the 50-DMA after a death cross in July. Traders anticipate a bullish momentum when the price jumps above 50-DMA to negate the influence of the death cross.
David Pokima
David is a finance news contributor with 4 years of experience in Blockchain Technology and Cryptocurrencies. He is interested in learning about emerging technologies and has an eye for breaking news. Staying updated with trends, David reported in several niches including regulation, partnerships, crypto assets, stocks, NFTs, etc. Away from the financial markets, David goes cycling and horse riding.
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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