SHIB to $0.01 Fuelled by Shiba Inu Burn Rate and Increasing Shibarium Transaction
The SHIB crypto, known for its dog-themed meme, has experienced a significant surge in the burn rate of its Shiba Inu tokens, reaching an increase of 6750% in the past 24 hours. This surge resulted in the removal of 27.10 million coins from the circulating supply, which currently stands at 589.26 trillion coins. Additionally, approximately 58 million coins were removed from the supply over the past week.
SHIB Burn Rate
The consistent reduction in the token’s market supply has generated optimism regarding its future price movements, as per the law of supply and demand. Furthermore, recent developments within the Shiba Inu ecosystem, including a surge in activity on the Layer 2 Shibarium network, have contributed to a bullish outlook for the crypto.
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Notably, the daily transactions on the Shibarium network spiked by over 1,000% between October 21 and 22, with 1.77 million transactions recorded on October 22 compared to 128,000 transactions on October 21. These developments indicate robust growth for the meme coin’s ecosystem.
Despite the positive developments, the SHIB price experienced turbulence, dropping by nearly 2.5% to reach $0.00001806. The intraday low and high were $0.00001785 and $0.00001851, respectively, aligning with the broader market trend. However, the ongoing burn rate surge and positive developments have projected optimism for SHIB’s long-term prospects.
Marketing Lead Confidence
The Shiba Inu marketing lead, LUCIE, has expressed confidence in the coin’s potential, hinting at a $0.01 price target. While the coin’s futures open interest (OI) saw a 5.9% drop to $52.65 million, and the derivatives volume decreased by nearly 22% to $106.71 million, broader prospects remain optimistic due to the aforementioned developments.
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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.
