Highlights
Riding against the backdrop ecosystem developments, the Shiba Inu meme cryptocurrency has again sparked investor optimism on Wednesday with a colossal surge in the SHIB burn rate. As the token’s community revealed that the burn rate surged over a whopping 8000% in the past 24 hours, investor sentiments for Shiba Inu coin’s future price movements have turned optimistic.
However, SHIB price currently trades in the red zone, aligning with the broader market trend. Crypto market enthusiasts speculate whether considerable gains for the meme token loom over the crypto horizon with recent events weighing in.
According to data by Shibburn dated September 11, the SHIB burn rate rocketed 8193.59% in the past 24 hours. This surge is primarily attributable to nearly 3 million coins burnt over the past day.
Meanwhile, the weekly burn chart illustrated a staggering 271.05 million SHIB burned in the past seven days. Altogether, the dog-themed meme coin’s supply has taken a massive blow, emerging as bullish for investors. For context, the law of supply and demand validates that even if the market remains the same, a reduction in supply could bring a positive effect on price.
Additionally, the recent ecosystem developments have further added to investor enthusiasm surrounding the meme-themed coin. CoinGape Media recently reported that Shiba Inu exec Lucie spotlighted upcoming knBONE on Shibarium, offering a vital opportunity for devs.
Intriguingly, another key player within the L2, K9 Finance, revealed that it purchased more BONE in the aftermath of the announcement. This has added an additional layer of intrigue to the matter.
However, despite the surge in burn rate and recent ecosystem advancements, SHIB price has been bearish trading at $0.00001312, down nearly 2.90% in the past 24 hours. The coin’s intraday low and high were recorded as $0.00001297 and $0.00001367, respectively. Today’s waning movement falls in line with the broader crypto market trend.
During the dip, SHIB’s market capitalization and 24hour trading volume declined by 2.85% and 16% respectively to $7.96 billion and $115.39 million. This decline reflects the decreasing investor interest as traders fear the bearish momentum may persist.
Simultaneously, Coinglass data illustrated a 5% dip in the token’s futures OI to $25 million today. Moreover, the token’s derivatives volume dipped 36%, stirring uncertain sentiments on future price movements driven by reduced investor interest.
Nevertheless, a recent Shiba Inu coin price analysis by CoinGape Media revealed that the meme token eyes 8% gains ahead. Some volatility may be expected due to the recent Indonesian crypto exchange hack that engulfed 9 billion Shiba Inu (SHIB) tokens and broader trends. Nonetheless, crypto market participants continue to eye the token for future price action shifts.
Ethena Labs has secured fresh funding from ArkStream Capital as it expands its ecosystem in…
The U.S. Securities and Exchange Commission has launched a task force designed to tackle cross-border…
Justin Sun Justin Justin Sun responded to World Liberty Financial freezing his wallet by promising…
Michael Saylor's Strategy (NASDAQ: MSTR) missed the inclusion in the S&P 500 index on Friday,…
MARA Holdings, Inc. announced that it now holds $5.9 billion worth of Bitcoin. This cements…
The U.S. Senate Banking Committee has released an updated version of the draft Crypto Market…