As a seasoned cryptocurrency analyst with years of experience observing market trends and token dynamics, I find the recent surge in Shiba Inu’s (SHIB) burn rate to be an intriguing development. The 4800% increase in SHIB burn within 24 hours is indeed noteworthy, resulting in the destruction of millions of coins from the token supply.
The Shiba Inu meme cryptocurrency has gained renewed interest from investors today, July 18, despite showing signs of correction. Optimism in the market is high due to a massive increase of over 4800% in the coin burn rate, leading to the destruction of millions of tokens from the total supply. This development has sparked speculation among traders about a possible price target of $0.0000429 for Shiba Inu.
Let’s delve deeper into the current market trends of meme coins and interpret what these indicators might mean for potential price fluctuations in the future.
SHIB Burn Sparks Investor Optimism
According to Shibburn’s data, I witnessed an extraordinary increase of over 4800% in the SHIB burn rate today. This substantial surge can be attributed to the annihilation of approximately 44.3 million SHIB tokens within the last 24 hours.
Significantly, the amount of coins from the Shiba Inu’s original stash that have been destroyed now reaches approximately 410.727 trillion. Concurrently, the current supply is estimated to be around 589.27 trillion coins as of this writing.
The Shiba Inu token’s burn process is a community initiative aimed at enhancing the meme coin’s token economics. Due to its underperformance, Shiba Inu has been weighed down largely by an oversupply of tokens in circulation. To address this issue, the SHIB community introduced the token burn mechanism.
Despite following the downtrend of the cryptocurrency market today, the meme coin experienced a price drop. This was accompanied by significant SHIB selloffs on WazirX, prompted by the recent hack on the Indian exchange. In the aftermath of this security breach, the attacker successfully sold off an enormous amount of 5.43 trillion SHIB tokens for approximately 26,535 ETH, equivalent to around $92 million.
Shiba Inu Price Tumbles, What’s Next?
At the moment of composition, SHIB‘s price dipped by 8.66%, landing at $0.00001744. Its minimum and maximum values within the last 24 hours were logged as $0.00001692 and $0.00001918 respectively.
According to a recent analysis by CoinGape Media, the SHIB token may be exhibiting a bullish reversal signal known as a “rounding bottom” on its weekly chart. This pattern suggests that the token’s price has reached a bottom after a prolonged downtrend, due to increasing buying pressure in the market.
Following the trend of this pattern, the meme coin might hit a price mark of $0.0000429 by the end of this month. Moreover, the SHIB burn announcements are expected to bolster its backing.
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2024-07-18 18:18