As a researcher with years of experience in the cryptocurrency market, I find myself both intrigued and cautiously optimistic about the recent surge in Shiba Inu burn rate. With a staggering 1,068% increase over the past day, it’s hard not to be impressed by this impressive recovery amidst a bearish market trend.
The rate at which Shiba Inu tokens are being destroyed has dramatically increased by 1,068%, even though its meme coin value has dropped. This surprising surge in token burning could mean that investors are showing renewed interest, which might lead to an increase in the Shiba Inu’s price above $0.00003. However, market trends still indicate further possible decreases in the Shiba Inu’s price.
Shiba Inu Burn Rate Jumps 1,068%
Over the last 24 hours, as per recent figures from Shibburn, approximately 51.76 million SHIBA INCOME tokens have been destroyed or “burnt”. This data indicates a persistent rate of burning, with several million tokens getting incinerated every hour.
Incredibly, the rate at which Shiba Inu tokens are being destroyed (or “burned”) has increased by an astounding 1,068% over this brief period, indicating that a substantial portion of the token supply is being eliminated. However, it’s important to note that the burn rate experienced a sharp drop earlier this month, plummeting by a massive 90%. During this downturn, only 413,000 Shiba Inu tokens were destroyed, marking a significant decrease compared to the previous week’s impressive 250 million burned Shiba Inu tokens.
The sharp decrease in the rate at which Shiba Inu tokens are being destroyed happened around the same time as its price drop, since the well-known meme cryptocurrency saw a substantial correction following its brief rise above $0.00003. Furthermore, Santiment’s analysis shows that Shiba Inu’s Market Value to Realized Value (MVRV) has dipped by over 3%, suggesting that SHIB investors might have experienced losses in the last week.
Beyond just this technical indicator, there’s been a substantial drop in the number of daily active addresses on Shiba Inu. This figure was approximately 6.26 billion on December 2, but now stands at around 3.15 billion. The decline in these crucial metrics implies that Shiba Inu might be preparing for another round of price adjustments.
Despite the recent increase in Shiba Inu’s token burn rate, it opens up the prospect of a price rise. Token burns generally aid in an asset’s long-term value stability and growth by decreasing its circulating supply. Since Shiba Inu’s total supply remains at 589.5 trillion, continuous burns are essential for enhancing scarcity, which might boost demand and possibly spark a price increase for SHIB.
Shiba Inu Price Shows Strength Amidst Bearish Performance
According to CoinMarketCap’s findings, the price of Shiba Inu dropped by 12% over the past day, reaching $0.000026. This downward trend suggests a possible change in investor sentiment towards SHIB, as there might be less interest among investors in purchasing it.
Even though Shiba Inu hasn’t performed exceptionally well, it has demonstrated tenacity by keeping its price above $0.000025. Significantly, influential analyst Bluntz on X (previously Twitter) has highlighted Shiba Inu’s potential, characterizing the meme token as remarkably robust in the face of broader market fluctuations.
The analyst considers that Shiba Inu is continuing to move upward, though it’s a steady rather than explosive rise, with no dramatic spike (parabolic breakout) apparent at this time. Due to its recent increase in burn rate and robust underlying strengths, there’s a possibility that the price of Shiba Inu may reach approximately $0.00003 once more.
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2024-12-11 00:11