As a seasoned crypto investor with a knack for identifying hidden gems and a soft spot for quirky meme coins like Shiba Inu (SHIB), I find myself intrigued by the recent surge in burn rate and price spike. With over two decades of experience under my belt, I’ve seen market cycles come and go, but the community-driven deflationary measures in place for SHIB are truly unique.
The popular digital currency based on dogs, Shiba Inu (SHIB), has seen a significant increase in its burn rate as meZXcoin struggles to surpass important price barriers. Over the past day, the burn rate has soared an astonishing 1,323%.
SHIB price surge amid high burn rate
Based on Shibburn’s report, it was found that approximately 34 million SHIB tokens were transferred to inactive wallets. This action underscores the community’s dedication towards promoting price balance and sustaining a bullish trend within the Shiba Inu ecosystem. This significant statistic serves as a deflationary signal within the SHIB network.
Burning a significant quantity of Shiba Inu tokens has increased the total incinerated tokens to an astounding 410,737,190,695,584 SHIB. However, a substantial number of tokens, amounting to 583,626,103,611,906 SHIB, continue to circulate. This indicates that more deflationary strategies might be necessary to further decrease the number of tokens in circulation.
Decreasing the number of tokens in circulation tends to boost the worth of the meme cryptocurrency. Currently, the SHIB market value has risen by 2.86%, reaching $0.00001945. This notable increase comes after a drop caused by market fluctuations, which brought the meme coin down to $0.00001850 before it recovered.
It seems that the intensity of the burning process has potentially boosted SHIB’s price, causing it to briefly reach a value of $0.00001965, followed by a minor decrease.
According to experts, maintaining the deflationary strategy may help Shiba Inu coin break through its resistance point at $0.000020. If successful, this could potentially allow the token to reach a new record high.
Trading volume and investor sentiment remain crucial
According to a previous report from U.Today, Shiba Inu (SHIB) has hit a 30-day peak, with expectations of even higher levels. This optimism stems from increased investor interest in the meme coin, as positive sentiments about the overall cryptocurrency market are on the rise.
Experts have highlighted the importance of Shiba Inu (SHIB) maintaining a steady increase in its trading activity for it to continue moving upwards. At present, SHIB’s market volume has seen a rise of approximately 21.88%, amounting to $630.49 million.
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2024-11-09 16:48