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Highlights
- Shiba Inu burn rate soars over 800%.
- Rising SHIB adoption propels optimism in tandem with burn rate surge.
- On-chain data births mixed market sentiments, aligning with today's price volatility, although a vital factor underscores market optimism.
The Shiba Inu coin has garnered considerable investor enthusiasm today, further extending its burn rate upswing. Notably, Shibburn tracker’s insights reveal that the Shiba Inu burn rate soared over 800% in the past 24 hours, incinerating above 100 million tokens.
This chronicle has injected a shot of market optimism into the dog-themed meme coin as the supply continues to take a hit. Meanwhile, a couple of bullish factors further fuel the optimistic fire of a potential bull run ahead for Shiba Inu.
Burn Rate Spikes Amid Rising SHIB Adoption
The Shiba Inu burn rate surge comes alongside another development that underscores SHIB’s rising adoption within the crypto realm. Intriguingly, the crypto space saw the first time a meme coin was used to pay for a complete web3 food delivery order (SHIB), per The Shib Magazine. This underlines SHIB’s mainstream adoption as a payment method.
On the other hand, Shibburn’s data spotlighted an 859.83% surge in the burn rate, primarily attributable to the destruction of 107.08 SHIB tokens over the past day. A total of 410.72 trillion SHIB have been recorded to be taken out of the supply to date.
However, despite the significant number of coins burnt, SHIB has traded sluggishly in the past 24 hours, igniting inferences surrounding its future movements.
Also Read: Ripple SEC Lawsuit: SEC Shows ‘Strange Animus’ To Ripple, XRP Lawyer Says
Shiba Inu Coin Price Tumbles
The SHIB price chart showed a 0.27% fall from yesterday and is currently trading at $0.00002166. Weekly charts illustrate that Shiba Inu corrected 14.20%. However, the hourly timeframe chart demonstrates that the token gained 0.41%, aligning with the surge in the burn rate. Nonetheless, traders and investors exercise caution due to the highly turbulent nature of the crypto landscape.
Data by Etherscan shows a significant rise in Shiba Inu holders, totaling 1.39 million today, June 14. Despite its recent price correction, this is a silver lining for the token, hinting at a potential buy-the-dip strategy among market participants.
However, the derivatives market saw a notable decline in trading activity and investor interest in the asset, aligning with the price dip. SHIB Futures OI saw a 1.68% fall, whereas the derivatives volume plunged 64.37%. Besides, the RSI also moved around 38, rationalizing SHIB’s downside momentum.
Nonetheless, as the burn rate continues to soar, further escorted by the rising SHIB adoption and increase in token holders, market sentiments convey a potential bullish shift in price awaits. It’s worth remembering that although talks of a post-BTC halving rally have cooled down, market experts anticipate it is yet to kick in ahead, bringing in a price rally for altcoins.
Also Read: Bitcoin Buy The Dip Calls Surge But BTC Price Drop Under $65,000 Can Be Fatal
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