As an experienced analyst, I believe that Shiba Inu’s (SHIB) latest surge in token burn rate is a significant development for the meme coin. The massive destruction of over 900 million SHIB tokens in the past month has ignited optimism among investors and traders.
The popular meme coin based on dogs, Shiba Inu, has generated significant attention once more due to a substantial increase in its burning rate. According to Shibburn’s latest report, approximately 900 million SHIB tokens were destroyed during June. This development brings optimism regarding potential price fluctuations for the meme coin as the available supply is diminished.
Let’s explore the intricacies of Shina Inu’s market data to uncover reasons for the recent positive shift in investor sentiment.
Massive Token Burn Ignites Market Optimism
Based on Shiburn’s revelations, approximately 918.07 million SHIB tokens were eliminated through 237 separate transactions during the past month. This event led to a significant increase of 148.69% in the monthly token burn rate for Shiba Inu.
Today’s data unveiled that an astounding number of 301.68 million coins were burned within the community, leading to a massive surge of 1392.60% in the daily burn rate.
Approximately 410.727 trillion SHIB coins have been burned from the original supply. This significant reduction in circulation contributes to the bullish sentiment surrounding the Shiba Inu token.
As a market analyst, I’ve observed noteworthy price increases for Shibaswap (SHIB) on July 1, 2021. This uptrend can be attributed to the diminishing supply in conjunction with the positive effects of the burn mechanism.
Also Read: ETH Price Surges 5% Amid Increased Whale Activity Ahead of Ethereum ETF Approval
SHIB Price Soars
At the moment of publication, Shiba Inu’s price experienced a 3.67% rise to reach $0.00001735. Its lowest point over the past 24 hours was $0.00001669, while its highest was $0.00001756.
As a crypto investor, I’ve observed an uptick in the price of my holdings, which is not only due to the broader crypto market bouncing back but also because of the increased burn rate of certain projects I’m invested in.
As a researcher examining the latest cryptocurrency market trends, I’ve noticed an uptrend for Shiba Inu coin based on data from CoinGlass. This trend is supported by significant increases in both Open Interest (OI) and derivatives volume. Specifically, SHIB OI rose by 2.85% to reach $35.71 million, while the volume surged an impressive 61.98%, reaching a total of $72.13 million.
Shiba Inu’s RSI was at 34, indicating potential downward pressure on the asset and possibly leading to price fluctuations for SHIB in the near term.
Despite a generally positive outlook for the cryptocurrency market, the surge in Shiba Inu’s (SHIB) burning rate is a major factor fueling optimism towards its price. Santiment’s data suggests that SHIB may be undervalued currently, potentially leading to a $0.00003 target. The significant increase in burning further strengthens the belief that Shiba Inu could experience bullish trends in the future.
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2024-07-01 10:16