SHIB Burn Shoots Up Over 8000%, Is Shiba Inu Coin Primed To Pump?

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As a seasoned analyst with over two decades of experience in the financial markets, I have witnessed countless market cycles and trends that have come and gone. In my view, the recent surge in Shiba Inu’s burn rate is indeed an interesting development that warrants closer attention from investors.

Amidst ongoing advancements within its ecosystem, the Shiba Inu meme-based cryptocurrency has reignited investor enthusiasm on Wednesday due to a massive increase in SHIB token burn rate. With the community disclosing an astounding 8000% rise in the burn rate over the past day, optimism among investors regarding potential price fluctuations of Shiba Inu coins has grown.

Meanwhile, the Shiba Inu coin is currently trading in a downtrend, following the general direction of the cryptocurrency market. Some crypto fans are wondering if substantial growth for this meme token might be on the horizon, given recent developments.

SHIB Burn Soars More Than 8000% Sparking Market Optimism

Based on Shibburn’s data from September 11, the rate at which SHIB tokens are being destroyed (or “burnt”) skyrocketed by an astounding 8,193.59% in the last 24 hours. This dramatic increase is largely due to approximately 3 million SHIB coins being burned over that period.

In the last week, the weekly burn chart showed an astounding 271.05 million SHIB being destroyed. This significant decrease in the meme coin’s supply has been favorable for investors, suggesting a bullish trend. Keep in mind that according to the law of supply and demand, reducing supply can lead to a positive impact on price even if the market remains constant.

Moreover, the latest advancements in the ecosystem have served to bolster investor excitement regarding the meme-inspired cryptocurrency. Notably, CoinGape Media highlighted that Shiba Inu executive Lucie has emphasized the forthcoming project knBONE on Shibarium, presenting a valuable chance for developers.

SHIB Price Slips Today, What’s Ahead?

However, despite the surge in burn rate and recent ecosystem advancements, SHIB price today traded at $0.00001326, down nearly 2% in the past 24 hours. The coin’s intraday low and high were recorded as $0.00001314 and $0.00001367, respectively. Today’s waning movement falls in line with the broader crypto market trend.

At the same time, information from Coinglass showed a decrease of 5% in the token’s futures Open Interest to $25 million today. Additionally, the token’s derivatives trading volume dropped by 36%, raising questions about the potential direction of price changes due to decreased investor enthusiasm.

Despite a recent hack on an Indonesian cryptocurrency exchange causing the loss of 9 billion Shiba Inu tokens and creating some volatility, analysis by CoinGape Media indicates that the meme coin could see a potential 8% increase in value. The crypto market remains interested in tracking the token’s movements for future price changes.

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2024-09-11 16:09