As a seasoned researcher with over a decade of experience in the cryptocurrency market, I have witnessed countless ups and downs, moonshots, and dumpsters. The latest developments in Shiba Inu (SHIB) have once again piqued my interest.
Over the last 24 hours, Shiba Inu (SHIB) has experienced a significant price drop. However, despite the decline in its price, the rate at which SHIB tokens are being burned has surprisingly surged by 229%. This sudden increase suggests that certain members of the Shiba Inu community continue to have faith in the project.
SHIB burn rate, price effect
2.6 million Shiba Inu tokens have recently been transferred to inactive wallets through the current burn rate, bringing the total number of burned tokens to an astounding 410,730,847,872,516 SHIB. The remaining circulating supply now stands at approximately 583,510,240,764,212 SHIB tokens.
Despite the seemingly minor reduction, the steadily increasing consumption rate continues to foster optimism within the community. This upbeat outlook provides a point of interest for potential investors as they consider investing in the token.
Currently, the Shiba Inu price stands at approximately 0.00001583 USD, representing a decrease of 5.86% over the past day. During this period, the token has fluctuated significantly, reaching a high of 0.00001702 USD before dipping down to a low of 0.00001569 USD, eventually stabilizing at its present value.
The burn rate might be a major anchor for Shiba Inu, preventing it from slipping further below the $0.000015 support zone. If this level holds long-term, the SHIB price may soon rebound and erase another zero.
Rebound in overall market outlook
It is almost unrealistic to project a solo rally for Shiba Inu. Notably, the digital currency correlates with the broader crypto ecosystem.
In the current market scenario, as Bitcoin struggles to maintain its position above the $61,000 support level and XRP grapples with fresh uncertainties due to the ongoing Ripple vs. SEC court case, it appears that Shiba Inu (SHIB) may not bounce back significantly in the long term.
If the market’s forecast looks brighter in the short term, it could spark a swift surge for SHIB, taking advantage of its tendency to be highly volatile.
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2024-10-03 14:17