Shiba Inu Weekly Burn Rate Spikes, What’s Next For SHIB Price?

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As a seasoned crypto investor with a knack for sniffing out promising opportunities, I find myself intrigued by the recent surge in Shiba Inu’s token burn rates. The 244% spike in the weekly burn rate and the over 2600% daily increase have certainly grabbed my attention.

1. The Shiba Inu token’s burn rate increased significantly, grabbing the community’s focus due to recent advancements. The weekly SHIB burn rate surged by 244% following the elimination of over 389.5 million tokens from circulation. Over the past 24 hours, the asset’s price has been relatively stable, showing a minor rebound from the broader market downturn.

SHIB Burn Rate Surges 244%

1. In the past week, the Shiba Inu network has seen an uptick in the burning of its tokens, a trend that’s fueling many predictions. The community was recently informed on X (previously Twitter) about adjustments made to the token supply. This week alone, approximately 389.2 million SHIB tokens were burned, representing a staggering increase of 244.2%. Furthermore, the daily burn rate surged more than 2,600%, resulting in over 280 million tokens being removed from circulation.

1-Hour Shiba Inu Update: Current Price of SHIB is $0.00001429, showing a 0.93% increase in the last hour and a 1.93% rise over the past 24 hours. The market capitalization currently stands at $8,444,432,466, representing a 1.97% growth.

Total Supply: 589,271,921,380,292 TOKENS BURNT

Past hour: 250,000,000 (1 transaction) 

Past 24Hrs: 280,487,394 (2600.24% )

Past 7 Days: 389,544,349 (244.22% )”

Token burns are significant because they spark optimistic forecasts due to a decrease in available tokens. This concept is commonly used by projects aiming for a price increase. On August 30th, the SHIB burn rate skyrocketed 28,000% coinciding with a major futures listing. At that point, the weekly burn rate was at 301%, fueling widespread enthusiasm within the ecosystem.

What’s Next For The Asset’s Price?

SHIB’s rate at which it is being burned has historically influenced its price predictions, particularly during periods of bullish market optimism. Despite the crypto market still showing signs of instability following the recent correction, there’s a general anticipation for minor rises in September. This expectation stems mainly from speculation about potential Fed interest rate reductions in September as inflation slows down.

Reduced interest rates are expected to encourage growth in cryptocurrencies since investor funds may move towards riskier assets. Moreover, expansion is also predicted within the ecosystem due to the recent Shiba Inu community vote, which seems likely to boost user involvement. As of this report, Shiba Inu is trading at 0.00001484, representing a 1.1% decrease in the past 24 hours and extending weekly losses to 11%.

Hi everyone in the #ShibArmy
As an analyst, I strongly urge you to delve into Shytoshi’s latest blog post. The insights provided within are pivotal for understanding the future trajectory of $SHIB and the broader ecosystem. #Crypto #Decentralized #Shibarium
— SHIB INFORMER (@ShibInformer) August 31, 2024

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2024-09-01 03:42