Shiba Inu Weekly Burn Rate Spikes, SHIB Price To Negate Death Cross?

David Pokima
September 1, 2024 Updated September 2, 2024
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Shiba Inu Burn Rate Surges 1300%, Will This Trigger a SHIB Price Rally?

Highlights

  • Shiba Inu weekly burn rate soared 245% as 389.5 million tokens were removed.
  • The Shiba Inu community also voted on an important proposal.
  • SHIB price jump above 50-DMA to negate death cross.

Shiba Inu has recorded a jump in token burn rates drawing the attention of the community amid new developments. The weekly SHIB burn rate spiked nearly 245% after a whopping 389.5 million tokens were removed from the circulating supply. The crypto asset price continues to trade mostly sideways in the last 24 hours after a 10% fall in a week amid the crypto market uncertainty.

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Shiba Inu Burn Rate Surges 245%

The Shiba Inu ecosystem has marked another week of increase in the burn rate igniting several projections. In an update on X (formerly Twitter), the community was informed of recent changes to the token supply. This week, the network burned 389.2 million SHIB tokens marking a nearly 245% growth.

Moreover, SHIB burn rate has dropped 99% in the last 24 hours, with over 1.04 million tokens in just 2 transactions.

Token burns are notable for igniting bullish projections because of the reduction in supply. This principle has been adopted by most projects seeking an uptick in price. On Aug 30, the SHIB burn rate soared 28,000% alongside a major futures listing. At the time, the weekly rate stood at 301% with widespread optimism of the ecosystem. 

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What’s Next For SHIB Price?

Shiba Inu burn rate has led to previous price projections, especially in times of bullish market sentiment. Although the crypto market remains sluggish after the last correction, experts anticipate consolidation is more likely to continue in September. Traders have also turned more cautious ahead of jobs reports this week that will provide solid cues on the anticipated September Fed rate cuts amid slowing inflation. 

Interest rate cuts are tipped to attract growth in cryptocurrencies because investor funds will flow to risky assets. Furthermore, the community anticipates upsurge in the ecosystem following the recent SHIB community vote that tipped to increase user participation.

At press time, SHIB price trades at $0.00001351, rebound from the intraday low of $0.0000131. The trading volume has increased by 65% in the past 24 hours, indicating interest among traders.

shib price

However, the SHIB price is currently trading under the 50-DMA after a death cross in July. Traders anticipate a bullish momentum when the price jumps above 50-DMA to negate the influence of the death cross.

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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
David is a finance news contributor with 4 years of experience in Blockchain Technology and Cryptocurrencies. He is interested in learning about emerging technologies and has an eye for breaking news. Staying updated with trends, David reported in several niches including regulation, partnerships, crypto assets, stocks, NFTs, etc. Away from the financial markets, David goes cycling and horse riding.
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.