SHIB Burn: SHIB Price Eyes Recovery as Burn Rate Soars 4800% Despite 8% Dip

SHIB Burn: The Shiba Inu meme cryptocurrency has once again garnered significant investor attention despite showing signs of a correction today, July 18. Market sentiments are brimming with optimism primarily due to a colossal 4800% surge in the burn rate, resulting in the blow of millions of coins from the token supply. This chronicle has birthed market speculations over a potential $0.0000429 price target looming for Shiba Inu.

So, let’s take a closer look at the meme coin’s current market dynamics and what it hints for future price movements.

SHIB Burn Sparks Investor Optimism

As per the tracker Shibburn’s data, the SHIB burn rate soared nearly 4822.88% today. This significant surge is attributable to the destruction of 44.30 million coins in the past 24 hours.

Notably, the total number of coins burnt from the Shiba Inu’s initial supply now equaled 410.727 trillion. Meanwhile, the total supply at press time was evaluated to be 589.27 trillion coins.

The Shiba Inu token burn mechanism by the meme coin’s community comes as an effort to support the meme coin’s tokenomics. Shiba Inu has performed sluggishly, primarily due to its excessive supply. Aiming to trim this, the SHIB community rolled out the token burn mechanism.

However, the meme coin traded in the red today, aligning with the broader market trend and massive SHIB selloffs due to the WazirX hack. Notably, in a follow-up of the Indian exchange’s hack, the exploiter sold all 5.43 trillion SHIB for 26,535 ETH, worth $92 million.

Also Read: Binance Delisting These Crypto Spot Pairs Amid Shiba Inu And Dogecoin Push

Shiba Inu Price Tumbles, What’s Next?

As of writing, the SHIB price saw a downfall of 7.58% to trade at $0.00001726. Its 24-hour lows and highs were recorded as $0.00001686 and $0.00001894, respectively. Concurrently, SHIB’s market capitalization declined by 7.50% to $10,155,241,910. However, with traders taking advantage of the dip to buy, the trading volume is up 171% to $1,191,859,277.

A recent SHIB price prediction by CoinGape Media reveals that the token is forming a bullish reversal pattern called the rounding bottom on the weekly time frame. This hints at the bottoming of a downtrend fueled by renewed buying interest in the market.

Riding the wave of this pattern, the meme coin could potentially reach a $0.0000429 price target by this month’s end, further gaining support from SHIB burn chronicles.

Also Read: SHIB Burn Skyrockets 4000% Amid Shiba Inu ETF Buzz