Shiba Inu (SHIB) Burn Rate at 101%, Something Big Coming

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As an experienced analyst, I believe that Shiba Inu’s recent surge in its burn rate is a promising sign for the meme coin’s recovery. The 101% increase in the burn rate over the past day indicates growing community engagement with the deflationary feature of Shiba Inu. This engagement comes at a time when the market sentiment is bearish, making the uptick even more significant.

Shiba Inu (SHIB) is showing signs of a lasting comeback as its primary deflationary trait, the burn rate, experiences a noticeable increase. Currently, the burn rate has surged by over 100% based on Shibburn’s latest figures, resulting in approximately 19.6 million SHIB being burnt within the last day.

Shiba Inu wants to make difference

Although various altcoins are actively shaping their individual markets, Shiba Inu aspires to leave a significant mark. The meme currency has persisted in ranking as the twelfth largest cryptocurrency despite being surpassed by Toncoin. Nevertheless, its ambition remains to regain a place among the top 10.

After a week of steep price declines, an increase in the burn rate represents a significant step forward for reaching the top 10 cryptocurrencies. The substantial 101% rise in this indicator clearly demonstrates heightened engagement from the Shiba Inu community, with many members actively working to reduce the coin’s supply despite pessimistic market conditions.

The accumulated Shiba Inu tokens transferred to burn addresses currently amount to approximately 410 trillion tokens, equivalent to around $7.26 billion in value.

Shiba Inu (SHIB) Burn Rate at 101%, Something Big Coming

After subtracting the value of Shiba Inu meme coins held in staking contracts, the current circulating supply of this cryptocurrency is estimated to be worth approximately 583 trillion SHIB. This figure represents a reduction from the initial sum of around 6 trillion SHIB.

Implications for price

According to past occurrences, the 19 million SHIB tokens burned in one night have minimal impact on price increases. Nevertheless, this event contributes to the mounting positive indicators surrounding Shiba Inu. It occurs when the meme coin’s price is starting to emerge from its bearish trend.

I’m observing that SHIB is currently priced at $0.00001763 with a surplus of over 2.6% gain in the last 24 hours. The ongoing burn rate and continuous expansion of the Shiba Inu ecosystem could potentially bring about noteworthy developments in the immediate future.

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2024-06-26 13:07