SHIB Burn Rate Surges 3000%, Can Shiba Inu Coin Reach $0.001?

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As a seasoned crypto researcher with a penchant for Shiba Inu and a soft spot for dogs, I must admit that Tuesday’s 3300% surge in SHIB burn rate left me positively wagging my tail! The sheer volume of coins destroyed from the total supply is a testament to the community’s commitment and the potential of this meme-themed cryptocurrency.

On Tuesday, there was renewed excitement for the popular dog-themed cryptocurrency Shiba Inu as it experienced a significant increase in SHIB coins being destroyed or “burned.” According to data provided by the community’s tracker, an incredible 3300% rise was observed, with over 42 million coins removed from circulation within the last 24 hours. This massive jump in the burn rate has fueled optimism about the Shiba Inu coin potentially reaching a value of $0.001 in the future.

SHIB Burn Boosts Up Over 3000% Anchoring Optimism Amid Advancements

Based on information provided by Shibburn on September 17th, the rate at which SHIB tokens are being burned increased an astounding 3348% within the last 24 hours. This significant increase occurred alongside the destruction of 7.8 million coins. Furthermore, over the past week, a total of 39.37 million SHIB tokens have been burned. This recent burn data has generated optimism among investors, as it adheres to the principle of supply and demand, since millions of tokens have been removed from the overall supply.

Currently, the total Shiba Inu coin circulation amounts to approximately 589 billion and 270 million tokens. Furthermore, Lucie, a notable figure within the meme token’s community, has highlighted significant points about SHIB burning in the past, which has only fueled curiosity about this intriguing digital asset.

At present, advancements within the SHIB ecosystem are strengthening investor confidence about the future price movement of this meme-inspired token. As reported by CoinGape Media, Puppynet is due for substantial updates, while Shibarium’s component Bor will undergo upgrades soon as well. Collectively, these recent improvements point towards strong growth, causing market sentiment to favor the token even though its price is currently stable.

Shiba Inu Coin Market Performance Today

Currently, at the time of this update, the price of SHIB has decreased by about 0.4% in the last 24 hours, currently standing at $0.00001329. Over the same period, its lowest and highest points were recorded as $0.00001302 (lowest) and $0.00001345 (highest), respectively. In a broader context, the weekly and monthly charts suggest that SHIB has been moving sideways, with a drop of 1.5% over the past week and 0.54% in the last month. At present, it appears that Shiba Inu coin is waiting for either a bullish or bearish trend to take control.

1) In addition, it’s been observed that the coin’s futures Open Interest (OI) increased by approximately 1% in the last 24 hours, reaching $24.3 million. This recent market activity has sparked some uncertainty among investors about the asset’s short-term outlook. Furthermore, the overall crypto market is experiencing volatility as we approach the Federal Open Market Committee (FOMC) meeting, which could influence token prices.

Despite a recent analysis by CoinGape suggesting that market experts predict Shiba Inu (SHIB) to reach $0.001 in the future, it’s important to note that this could take some time given the token’s current struggles in the market. However, optimism about its long-term potential is growing due to ongoing community developments and regular SHIB burn events.

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2024-09-17 13:05