Shiba Inu Coin Surges As 360M SHIB Burnt Over The Week, More Steam Left?

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As a researcher with a background in cryptocurrency and blockchain technology, I find the recent developments surrounding Shiba Inu (SHIB) particularly intriguing. The massive burn of over 360 million SHIB coins in the past week has generated considerable buzz within the community, fueling optimism about potential price gains.

The Shiba Inu meme token experienced a surge in positivity today, registering a rise of more than 10% amidst the massive burning of SHIB coins. Approximately 360 million tokens were reportedly destroyed over the past week, resulting in a positive shift in the market trends for this meme coin.

The discussion surrounding this record has sparked significant debate about the prospective profits from this asset. Let’s explore the present market trends of SHIB in greater detail and consider the potential implications for future price fluctuations.

360M Coins Taken Out Of Supply

Significantly, over the past week, the tracker Shibburn on X reported that approximately 360.35 million Shiba Inu tokens were destroyed. As a result, there was a substantial increase of 418% in the weekly burn rate.

As an analyst, I’ve observed a shift in market sentiment recently, aligning with the current price uptrend and accelerated burn rate for Shiba Inu (SHIB). Notably, this change has resulted in a significant reduction of the coin’s circulating supply due to its token burn mechanism.

As of the publication deadline, the estimated circulating supply for SHIB stood at an impressive 589.27 trillion tokens. Moreover, noteworthy is the fact that members of the vibrant SHIB community managed to burn a significant quantity of 3.84 million tokens today.

As a crypto investor, I’ve noticed that Shiba Inu’s price trend has taken a downturn lately, mirroring the broader market’s decline. But today brings some optimism, as Shiba Inu’s burn rate is surging and there are positive signs of recovery within the industry.

Notably, SHIB has reversed yesterday’s losses, trading dominantly in the green.

SHIB Price Rallies

Currently, SHIB‘s price has surged by 15.30% within the last day, peaking at $0.00001539. The price reached its lowest point during this period at $0.00001296, while the highest was recorded at $0.00001546.

The open interest for Shiba Inu’s futures contracts rose by 8.45%, reaching $34.53 million, indicating heightened investor attention towards the asset. Conversely, the trading volume in derivatives dropped by nearly 30% to $213.20 million.

The Relative Strength Index (RSI) climbed by 30 points, indicating potential selling pressure for the asset. This development adds an element of mystery to the future price trends of the meme coin.

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2024-07-06 10:42