Shiba Inu Burn Rate Rockets 6000% Sparking Optimism Over SHIB Price Rally

Coingapestaff
June 25, 2024
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
SHIB News: Shibarium Auto Burning Feature Goes Live

Highlights

  • Shiba Inu's burn rate spiked slightly above 6000% today, June 25.
  • As the meme coin's supply takes a hit, market sentiments turn optimistic.
  • SHIB price noted a significant upturn, with further bullish market dynamics glimmering hope for the meme coin.

The self-proclaimed Dogecoin killer Shiba Inu once again piqued significant investor interest despite today’s sluggish crypto market. Intriguingly, the meme coin’s price soared, defying broader market trends, primarily attributable to a 6000% upswing in its burn rate. Data from the tracker Shibburn shows over 10 million SHIB burnt over the past day, reverberating optimism for the coin’s future across the broader industry. Here’s a deeper understanding of why.

Advertisement
Advertisement

SHIB Burn Injects Market Optimism

Shiba Inu’s burn mechanism zeroes in on destroying SHIB, killing the meme coin’s market supply. The reduction of supply stages as a potentially bullish factor impacting market dynamics, abiding by the laws of supply and demand.

As per the data by Shibburn, the destruction of 10.24 million SHIB gave birth to a 6018.22% spike in the burn rate today. The total number of coins removed from Shiba Inu’s initial supply now totaled 410.727 trillion.

SHIB burn

Notably, the address 0xa9d1e08c… appears to be responsible for the lion’s share in burning Shiba Inu. A whopping 8.56 million SHIB was burnt alone by the address via a couple of transactions.

Meanwhile, despite the global crypto market cap taking a hit, the price of SHIB has defied the broader trend, experiencing an upswing. This unexpected surge is in direct correlation with the jump in Shiba Inu’s burn rate, adding to investor intrigue surrounding the meme coin.

Also Read: WIF Price Rallies 21% On Massive Buying By Dogwifhat Whales, What’s Next?

Advertisement
Advertisement

Shiba Inu Price Soars

As of writing, SHIB’s price has been noted to have gained 2.75% and is currently trading at $0.00001729. The token’s 24-hour lows and highs are $0.00001642 and $0.00001764, respectively.

Coinglass data underlined a market uptrend for Shiba Inu, as its Futures OI surged 5.21% to $35.04 million, followed by a derivatives volume jump of 0.66% to 143.10 million. This data flags increased investor interest in the asset, coinciding with today’s price gains.

However, the RSI still surfaced along an oversold territory, resting at 27. This paves the way for potential gains ahead for SHIB, as it represents a market-entering opportunity for whales.

Additionally, the well-known crypto market analyst Ali Martinez recently took to X, spotlighting a buy signal on Shiba Inu’s daily charts. Collectively, market statistics on the token glimmer hope for future movements.

SHIB buy signal

However, it’s worth mentioning that whales have also been recently recorded offloading Shiba Inu, adding a layer of intrigue to future price movements. On the other hand, the Shiba Army appears to have proposed a strategic SHIB burn initiative on Binance and Coinbase.

Also Read: AI Coins Jump Despite Nvidia (NVDA) Stock’s 7% Drop, Will The Rally Sustain?

Advertisement
coingape google news coingape google news
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.

Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

About Author
About Author
CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.