Major Twist in Shiba Inu (SHIB) Burn Rate Can Trigger Price Surge

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As a seasoned analyst with over two decades of experience in the dynamic world of cryptocurrencies, I must say that the recent developments surrounding Shiba Inu (SHIB) have piqued my interest. The burn rate activity, as highlighted by Shibburn, presents an intriguing perspective on the meme coin’s potential price trajectory.

In the last 24 hours and over the past week, the cryptocurrency based on the theme of dogs called Shiba Inu (SHIB) has displayed intriguing statistics. According to Shibburn, an online tool that tracks transactions, the rate at which SHIB is being burned could potentially lead to a rise in its price.

Burn rate activity and its implications

According to a post on X, Shibburn offers updates on hourly and weekly burn activity as well as price trends for the meme coin. With a total supply of SHIB at 589,257,293,677,689 units and its current low price, the community’s actions help to trigger the deflationary aspect.

In the last 24 hours, 2,242,442 Shiba Incoins (SHIB) were transferred to inactive wallets, accounting for approximately 81.06% of the total daily burn rate. On a weekly scale, though, the overall burn rate drops to 96.91%, with a total of 87,892,567 SHIB being destroyed.

As a researcher, I’m tracking the hourly update for SHIB:

— Shibburn (@shibburn) December 14, 2024

It appears that the activities aimed at reducing burn rate have been performed more frequently during the week, with the goal of maintaining stability in both supply and pricing.

According to market analysts, this reduction in burn rate might indicate that the general public could respond due to observing the community actively participating in burn activities. It’s worth noting that the decrease in burn rate over the past week suggests that the deflationary mechanism is working effectively, which may be causing the downward trend.

As an analyst, I am confidently suggesting that the current trends suggest potential price growth for the meme coin, Shiba Inu (SHIB). This positive outlook might encourage investors to invest with confidence, potentially leading to a sharp increase in its price if this momentum continues.

Outlook for SHIB amid broader market dynamics

In my current analysis, SHIB is currently trading at approximately $0.00002811, showing a 0.45% rise over the past 24 hours. Despite a 23.47% decrease in market volume to around $831.44 million, the price increase suggests a change in momentum.

Over the past week, Shiba Inu (SHIB) has been on an upward trend following a dip below a crucial support price of 0.000032 cents. Although it hit a record low of 0.00002447 cents, active burn activity has helped propel its recovery.

Experts predict that the value of SHIB will likely keep rising significantly, even with the slight adjustment in its burn rate. In summary, a potential rebound in the wider cryptocurrency market might boost SHIB’s growth as well.

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2024-12-14 16:19