Shiba Inu, the popular meme-themed cryptocurrency, has once again captured the attention of traders and investors worldwide as its burn rate experienced a significant surge of 700%. This surge has led to speculation within the crypto market about the possibility of the token reaching a price target of $0.00002 in the near future.
The burn rate of Shiba Inu, which refers to the amount of tokens being permanently removed from circulation, saw a remarkable increase of 772% in the past 24 hours. This surge was driven by the burning of 15.08 million SHIB tokens during that period. Additionally, data from the community’s burn tracker, Shibburn, revealed a 313% surge in the burn rate over the past week, with a total of 44.20 million coins being incinerated.
As the burn mechanism continues to reduce the supply of Shiba Inu tokens, optimism regarding the future price action of the cryptocurrency remains high, following the basic economic principle of supply and demand. Furthermore, statements from Shytoshi Kusama, the lead developer of Shiba Inu, have further fueled investor enthusiasm for the meme-themed asset, hinting at upcoming advancements in the ecosystem.
At the time of writing, the price of SHIB was trading at $0.00001468, showing a slight increase of 0.5% in the past 24 hours. Despite this positive price movement, data from Coinglass indicated a 6% decrease in SHIB’s futures open interest to $33.43 million, as well as a 12% drop in derivatives volume to $63.51 million.
Despite the contrasting sentiments in the market, a recent analysis by CoinGape Media suggested that Shiba Inu could potentially see over a 30% increase in the coming days. The analysis pointed to a consistent decline in SHIB balance on exchanges, reinforcing optimism about the long-term prospects of the coin and paving the way for a potential price target of $0.00002.
Additionally, indicators such as the coin’s Relative Strength Index (RSI) moving towards a bullish region at 58 further add to the optimism surrounding future price movements. Coupled with the recent surge in burn rate, Shiba Inu appears to be riding bullish waves in the market, despite experiencing sluggish trading in recent days.
In conclusion, the recent spike in Shiba Inu’s burn rate has sparked excitement among traders and investors, with many eyeing a potential rally for SHIB price to reach $0.00002 in the near future. As the cryptocurrency market continues to evolve, all eyes will be on Shiba Inu to see how it navigates these bullish trends and potential price targets.