The Shiba Inu coin, a self-proclaimed Dogecoin killer, has sparked significant investor interest despite the current sluggish crypto market. This surge in interest is primarily due to a 6000% increase in the burn rate of the meme coin, with over 10 million SHIB burnt in the past day. This burn mechanism works by destroying SHIB, reducing the coin’s supply and potentially impacting market dynamics by following the principles of supply and demand.
The spike in the burn rate has led to a surge in optimism for the future of Shiba Inu across the broader industry. The total number of coins removed from the initial supply now exceeds 410.727 trillion, with one address responsible for burning a significant portion of SHIB through multiple transactions. Despite a downturn in the global crypto market cap, the price of SHIB has defied the broader trend and experienced an upswing, directly linked to the increase in the burn rate.
Currently, SHIB’s price is up by 2.75% and is trading at $0.00001729, with 24-hour lows and highs recorded at $0.00001642 and $0.00001764, respectively. Market data also indicates an uptrend for Shiba Inu, with Futures OI surging by 5.21% to $35.04 million and a derivatives volume jump of 0.66% to 143.10 million. The RSI suggests potential gains ahead for SHIB, presenting a market-entering opportunity for whales. Analysts have also highlighted a buy signal on Shiba Inu’s daily charts, providing hope for future price movements.
However, recent reports suggest that whales have been offloading Shiba Inu, adding complexity to future price movements. On the other hand, the Shiba Army has proposed a strategic burn initiative for SHIB on platforms like Binance and Coinbase. Overall, market statistics and analyst insights point towards a mix of optimism and caution surrounding the future of Shiba Inu and its price movements in the crypto market.
