Shiba Inu, a popular dog-themed meme coin, recently gained attention due to a significant increase in its burn rate. According to the latest Shibburn tracker update, more than 900 million SHIB tokens were burned in June alone. This development has sparked optimism about the meme coin’s future price prospects, as reducing the supply is seen as crucial for potential price movements.
The Burnrate Sky Rockets
According to Shibburn, the token burn mechanism has destroyed 918.07 million SHIB tokens through 237 transactions in the past month. This represents a significant increase of 148.69% in Shiba Inu’s monthly burn rate.
Today’s data reveals an even more dramatic development: the community burned an astounding 301.68 million coins, marking a staggering 1392.60% increase in the daily burn rate. In total, the number of coins burned from the initial supply now amounts to 410.727 trillion SHIB. This substantial reduction in supply is seen as a bullish factor for the token’s future. As a result of this decrease in supply, SHIB’s price has seen notable gains today, July 1, reflecting the impact of the burn on market sentiment.
Price Climbs High
As of the latest update, SHIB’s price has increased by 1.09%, reaching $0.0000171825839. Over the past 24 hours, it traded between lows of $0.00001669 and highs of $0.0000171825839. This uptick in price aligns with a broader recovery across the cryptocurrency market. Additionally, the recent increase in SHIB’s burn rate has contributed to this positive momentum.
According to Coinglass data, today has seen an overall uptrend in the market for Shiba Inu coin. Both its Futures Open Interest (OI) and derivatives volumes have surged. This indicates growing interest and trading activity in SHIB derivatives. This increase in market activity suggests heightened investor confidence and potentially sets the stage for further price movements in SHIB. Investors are closely monitoring these developments to gauge the coin’s future direction amidst market fluctuations.
What’s Next?
That being said, Shiba Inu’s Relative Strength Index (RSI) currently stands at 34, indicating some downward pressure on the asset. This suggests potential volatility in SHIB’s price in the near term. Despite this, the overall market sentiment remains optimistic, largely driven by the significant ongoing burns of SHIB tokens. According to CoinGape Media, Santiment’s data highlights SHIB’s undervalued position in the market, potentially setting a price target of $0.00003. This indicates optimism among investors regarding SHIB’s future price potential.
Moreover, the recent massive increase in the burn rate further strengthens Shiba Inu’s bullish outlook. As more tokens are burned, the supply decreases, which could positively impact SHIB’s price trajectory over time. Investors and analysts are closely monitoring these developments to gauge how they may influence SHIB’s price movements and market dynamics moving forward.
Final Words
Thus, Shiba Inu’s recent surge in burn rate, with over 900 million SHIB tokens burned in June alone, has sparked optimism for its future price potential. This reduction in supply is seen as a bullish factor, contributing to SHIB’s recent price gains and reflecting positive market sentiment. As investors continue to track ongoing burns and market dynamics, the outlook remains optimistic for Shiba Inu despite the potential short-term volatility indicated by its current RSI of 34.
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