As a seasoned crypto investor with a penchant for meme coins, I can confidently say that the recent surge in Shiba Inu’s (SHIB) price and token burn rate has piqued my interest. Having navigated through the ups and downs of the crypto market, I’ve learned to read between the lines of such developments.
The burning rate of Shiba Inu (SHIB) tokens has significantly spiked by over 1,000%, as indicated by Shibburn tracker data. This heightened activity corresponds with a substantial price increase for SHIB, with its value jumping approximately 6% in the past day and currently standing at $0.00001385.
Shiba Inu Price Soars Along with Token Burns
As reported by the Shibburn tracker, SHIB token burns started increasing from Monday, with approximately 20,000 tokens being destroyed initially, rising to about 100,000 tokens by Tuesday. This significant change in burn activity is linked to the implementation of a new automated burn system on the Shibarium platform. This system funnels a part of gas fees into token burns.
Moreover, the increased burn rate’s influence on the SHIB price indicates a favorable response from the market towards lessening supply tactics. At the same time, the Shibarium blockchain has hit a new peak with 418 million transactions, which could spark additional investor curiosity in Shiba Inu.
1 hour ago: Shiba Inu Update as a Crypto Investor
TOKENS BURNT
Past 24Hrs: 98,136 (1088.66% ▲)
Past 7 Days: 12,911,467 (-91.47% ▼)— Shibburn (@shibburn) August 20, 2024
As an analyst, I’ve noticed an interesting correlation: The surge in SHIB‘s market price from $0.00001307 to $0.00001385 coincides with a spike in burn activities. This price rise mirrors a rebound in the crypto market and is strongly linked to the token burn rate, indicating a recovery in the value of SHIB tokens.
Price Analysis: 50% Rally on the Horizon?
The cost at which SHIB is currently being traded indicates a rebound from its lowest points this year, driven by both the burn mechanism and overall market movements. Experts are closely watching a significant resistance point at $0.00001526, surpassing which a potential 50% increase in Shibu Inu’s price might become possible.
If Shiba Inu coin continues to be in high demand and reaches important technical targets, it could lead to a bullish outlook (optimistic prediction). However, if the price doesn’t manage to break through this resistance level, previous support levels around $0.00001227 might act as a safety net while investors reevaluate the coin’s worth based on recent events.
Shytoshi Kusama’s Latest Updates
Lately, Shytoshi Kusama has reinforced his dedication to remaining anonymous, highlighting the community-centric character of the Shiba Inu project. This anonymity approach mirrors the ethos of decentralized involvement that Shiba Inu encourages among its community. As leader, Kusama continues to work on developing the Shibarium blockchain and boosting the token’s functionality, thereby bolstering the project’s standing in the market.
In response to Shytoshi Kusama, the main developer of Shiba Inu, choosing to stay hidden from public view, Lucie, the marketing head for SHIB, justified this move on platform X. She contended that his actions and moral values carry more weight than any potential drawbacks of anonymity. Emphasizing the team’s dedication and honesty over the past three years, she countered criticisms and concerns about possible abandonment by highlighting their unwavering commitment and integrity.
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2024-08-20 16:09