As a seasoned researcher with extensive experience in the crypto market, I have closely observed the recent surge in investor optimism surrounding the Shiba Inu coin. The impressive burn rate and price movements have piqued my interest, and I believe this meme-themed token holds significant potential for future growth.
The Shiba Inu cryptocurrency has ignited renewed enthusiasm among investors, driven mainly by its increased burn rate and price fluctuations. Today, the SHIB value climbed higher as over half a billion SHIB tokens were burned during the past week. This development has revived optimism about the meme coin’s ability to reach its predicted price of $0.0000369.
As a dedicated researcher delving into the intricacies of the canine-themed meme cryptocurrency, I’m excited to present you with an exhaustive analysis of its most recent burn event and current market statistics. Let’s explore how these developments may influence the token’s potential future growth trajectory.
Shiba Inu Coin Records 140 SHIB Burnt Over The Week
According to Shibburn’s statistics on July 27, X, the Shiba Inu coin experienced an impressive burning of approximately 140.74 million SHIB tokens over the past week. This significant burn led to a substantial increase of around 122.54% in the weekly burn rate for the coin.
Over the last 24 hours, the SHIB data showed a remarkable increase of 229.57% in burns. Approximately 3.77 million SHIB tokens were eliminated during this period, causing such a significant surge.
The SHIB token’s burn mechanism, which continuously decreases the number of coins in circulation, has recently lowered its total supply to approximately 589.27 trillion SHIB. This decrease is a promising indication for the coin’s future price stability and potential expansion, aligning with the economic principle of demand and supply. Additionally, Etherscan data reveals an increasing trend in the number of Shiba Inu token holders, amounting to over 1.4 million as of July 27.
Currently, the SHIB token’s price seems to be reflecting the bullish trends previously discussed. The shrinking supply and growing holder base are contributing factors fueling a favorable market attitude towards SHIB.
SHIB Price To $0.0000369?
In the last 24 hours, SHIB‘s price rose by 2.57%, reaching a trading value of $0.00001719. The day’s lowest and highest points were recorded at $0.00001667 and $0.00001726, respectively. At present, SHIB is managing to stay above the crucial support level of $0.00001361.
At the same time, Coinglass’s data indicated a significant increase of 14.36% in SHIB futures open interest (OI) to $40.96 million. This surge suggests an uptrend in the market when combined with today’s price rise. Moreover, the 4-hour and 1-hour charts depicted a persistent rise in OI, amounting to a 2.32% gain in the former and a 0.89% increase in the latter. These findings create an encouraging outlook for future price developments, reinforced by the ongoing SHIB burn’s impact on reducing its supply.
The analysis by CoinGape Media on Shiba Inu coin’s price prediction indicates a bullish reversal pattern emerging in its weekly chart. This pattern, known as a rounding bottom, signals a rekindled interest in buying the asset during a downtrend, potentially leading to a price target of 0.0000369.
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2024-07-27 11:11