SHIB Burns Surges to Over 8000%: Is Shiba Inu Set To Skyrocket?
Amidst evolving ecosystem developments, the Shiba Inu meme cryptocurrency has experienced a significant surge in the SHIB burn rate, eliciting enthusiasm among investors. The community has reported an extraordinary increase of over 8000% in the burn rate within the last 24 hours, fostering positive sentiments regarding the future price movements of the Shiba Inu coin.
SHIB Burn Rises More Than 8000%
Despite the optimistic outlook, the current SHIB price reflects a downward trend, in line with the broader market. Enthusiasts are deliberating potential substantial gains for the meme token in light of recent developments.
Data from Shibburn as of September 11 reveals an 8193.59% surge in the SHIB burn rate within the last 24 hours, primarily attributed to the burning of nearly 3 million coins during this period. Additionally, the weekly burn chart indicates a notable burn of 271.05 million SHIB over the past seven days. The significant reduction in the supply of the dog-themed meme coin is viewed favourably by investors, in line with the economic theory of supply and demand, suggesting a positive impact on the price.
Recent ecosystem developments, such as the introduction of knBONE on Shibarium, have also contributed to heightened investor enthusiasm surrounding the meme-themed coin. This introduction presents a significant opportunity for developers, as highlighted by Shiba Inu executive, Lucie.
Price Action
Despite the surge in burn rate and ecosystem advancements, the current SHIB price stands at $0.00001326, showing a nearly 2% decrease over the past 24 hours, with an intraday low and high of $0.00001314 and $0.00001367 respectively. This decline is in line with the broader trend in the cryptocurrency market.
Simultaneously, data indicates a 5% decline in the token’s futures open interest to $25 million today. Additionally, the volume of the token’s derivatives has decreased by 36%, prompting uncertainty about future price movements due to reduced investor interest.
Market Trends
Despite these trends, a recent Shiba Inu coin price analysis suggests an anticipated 8% increase for the meme token. However, some volatility may be expected due to recent events, including the Indonesian cryptocurrency exchange hack involving 9 billion Shiba Inu (SHIB) tokens and broader market trends. Nonetheless, market participants continue to closely monitor the token for potential shifts in price action.
Read Also: Terra Luna Classic Community Cheers, As $39 Million USTC Burned So Far
Follow us on Twitter, Facebook, Telegram, and Google News
Meet Daniel Abang: Crypto guru, content creator, and analyst. With a deep understanding of blockchain, he simplifies complex concepts, guiding audiences through the ever-changing crypto landscape. Trusted for his insightful analysis, Daniel is the go-to source for staying informed and empowered in the world of cryptocurrency.
