SHIB Price Surges: Shiba Inu Burn Rate Hits 7300%, Signalling Breakout
The price of the popular meme cryptocurrency Shiba Inu (SHIB) has dropped to the $0.000016 level, in line with the broader market trend. However, a significant 7300% increase in the SHIB burn rate has sparked optimism about the token’s future price movements. Data from Shibburn indicates that millions of SHIB coins were burned in the past 24 hours, raising speculation about the potential for SHIB to reach a maximum target of $0.0000377 in August.
SHIB Remarkable Burn Rate
Shibburn’s data shows that the burn rate surged by 7334.38% in the past 24 hours, resulting in the destruction of 2.37 million SHIB coins and reducing the total supply to 589.27 trillion SHIB. Additionally, 70.44 million SHIB coins were burned over the past seven days. Despite this significant burn rate, the price of SHIB has been relatively stable with a diminishing momentum.
Even though over 140 million SHIB were burned last week, the price of the token has not shown a significant upward movement. This unusual behaviour has led to speculation among crypto market participants, as the price of SHIB does not seem to align with the decrease in token supply.
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SHIB Price Declined
At the time of writing, the price of Shiba Inu has experienced a 3.04% decline to 0.00001673, with 24-hour lows and highs at $0.00001653 and $0.00001729, respectively. Despite the recent increase in burn rate, SHIB has fallen from its high of $0.00002 recorded on July 16 to its current level, raising concerns among investors.
An analysis suggests that SHIB is currently following a steady downward trend, fluctuating between two converging trend lines of a falling wedge pattern. However, this pattern indicates a potential upcoming price surge.
Furthermore, SHIB’s futures open interest (OI) has increased by 0.81% to $41.56 million, according to Coinglass data, indicating a slight rise in investor interest in the asset. Trading activity has also significantly increased, with derivatives volume spiking by 42.52% to $68.79 million.
Despite the recent price downturn, a price prediction for Shiba Inu suggests that the weekly time frame chart is showing signs of a rounding bottom pattern, indicating a potential reversal in the downtrend and renewed buying interest.
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Dr. Olajide Samuel juggles the demands of medical studies with a passion for cryptocurrency. A seasoned blogger, Olajide shares his vast global knowledge of the crypto space, offering insights to enthusiasts. Despite his busy schedule, his commitment to crypto remains strong, and he actively seeks ways to contribute to its future.
