SHIB Burn Rate Skyrockets By 3000% : Is Target $0.001 Possible?
The Shiba Inu cryptocurrency, known for its dog-themed meme, experienced a significant surge in SHIB burn, with a 3300% increase and millions of coins removed from the total supply in the past 24 hours. This surge in the burn rate has generated optimism about the coin’s potential to reach $0.001.
SHIB Burn
Data from Shibburn on X dated September 17 revealed that the SHIB burn rate spiked 3348% in the past 24 hours, with 7.8 million coins destroyed. Additionally, 39.37 million SHIB were burnt over the past seven days. The recent burn data has sparked optimism, aligning with the law of supply and demand.
Read Also: Insight From Shiba Inu Marketing Lead: Why BONE Isn’t Available on Binance and Bybit Yet
As of now, the total supply of Shiba Inu coin stands at 589.27 trillion coins. Furthermore, recent developments in the SHIB ecosystem, such as significant upgrades for Puppynet and Bor, have further bolstered investor optimism despite the coin’s recent price consolidation.
In terms of market performance, the SHIB price experienced a marginal 0.4% drop, resting at $0.00001329. The coin’s 24-hour low and peak were recorded as $0.00001302 and $0.00001345 respectively. While the weekly and monthly charts indicate sideways trading, recent market data has raised uncertain market sentiments on the coin’s short-term prospects.
Market Trends and Price Action
Coinglass data showed a 1% increase in the coin’s futures open interest (OI) within the past 24 hours, resting at $24.30 million. Overall, the recent price movements and market data have contributed to uncertain market sentiments, amid broader crypto market turbulence ahead of the FOMC.
Despite these challenges, a recent SHIB price analysis suggests that market experts believe SHIB could reach $0.001 in the future. Community developments and continuous SHIB burn have contributed to optimism about its long-term prospects.
Read Also: Insight From Shiba Inu Marketing Lead: Why BONE Isn’t Available on Binance and Bybit Yet
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