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Highlights
- Shibburn data revealed over a whopping 28,000% surge in the meme coin's burn rate today.
- The daily burn rate surge is further followed by a remarkable weekly surge.
- SHIB price action tackles turbulence today, although long-term prospect shine with optimism.
The Shiba Inu (SHIB) meme-themed cryptocurrency has again stirred optimism among crypto market traders and investors globally. As the dog-themed meme token registered over a whopping 28,000% surge in its burn rate today, market sentiments on SHIB price action ahead have turned highly bullish. Meanwhile, the token also secured a major futures listing on a renowned crypto exchange recently, further solidifying investor optimism across the broader market.
Shiba Inu Burn Rockets Over 28,000% Sparking Market Optimism
According to data facilitated by the tracker Shibbrun on X today, August 30, Shiba Inu’s burn soared a whopping 28,145% in the past 24 hours. This massive surge is primarily attributable to a staggering 96.43 million SHIB burnt over the past day.
Further, the weekly burn rate surge totaled 301% at press time, garnering additional optimism for the token. SHIB community notified on X that 172.99 million tokens were burned in the past seven days.
Simultaneously, the total supply shrank to 589.27 trillion SHIB, with massive burns coming into play. As the top meme coin’s supply takes a hit, market sentiments turn bullish, mirroring the law of supply and demand.
Meanwhile, it’s also worth noting that Shiba Inu secured futures listing on Kraken, one of the top crypto exchanges. This recent listing endeavor enhances the meme token’s investor appeal, offering increased flexibility and accessibility in trading options.
Altogether, the recent developments paint an optimistic scenario for SHIB price action ahead. However, the token trades in the red zone today.
SHIB Price Tumbles Today, Will It Rise?
At press time, SHIB price slipped 0.7% in the past 24 hours to trade at $0.00001393. Its intraday lows and highs were registered as $0.00001389 and $0.00001452, respectively. Today’s waning movement aligns with the broader market movement. Bitcoin and major crypto prices today witnessed a trading session in the red zone.
However, Coinglass data illustrated a 0.44% uptick in Shiba Inu futures OI within the 4-hour time frame. This was accompanied by a 0.06% surge in the 24-hour chart, with the OI resting at $28.44 million as of writing. Nonetheless, the token’s derivatives volume saw a 15.33% decline in value to $44.48 million, sparking speculations among market participants.
Simultaneously, the RSI rested along 45, indicating a neutral stance for the asset. Overall, market stats illustrate that the coin might face short-term volatility, although long-term prospects remain bullish, with the burn chronicles further weighing in.
A recent Shiba Inu price analysis by CoinGape Media shows that the coin may be primed for a 40% rally ahead. This is primarily attributable to on-chain metrics confirming a bullish breakout for the token. SHIB’s Network Value to Transaction (NVT) ratio soared back to monthly highs, adding to optimism on future action. Meanwhile, the analysis also spotlighted more liquidation in SHIB longs rather than shorts.
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