The Shiba Inu network is actively reducing its existing supply of Shiba Inu coins, a move aimed at increasing its market credibility. A recent report from ShibBurn reveals a significant increase in the Shiba Inu burn rate. In the last 24 hours, a total of 18,240,757 $SHIB tokens were burned in 5 transactions, causing the burn rate to surge by 395.43%. The total number of Shiba Inu coins destroyed from the existing supply now stands at 410.707 trillion.
This continuous burn could benefit the second most popular memecoin by reducing supply and potentially increasing demand over time. This could attract more users to the Shiba Inu market and push prices to higher levels. However, despite the bullish burn rate, the current price of the memecoin has not been significantly impacted. At the time of the report, the asset was trading in the red zone, with a slight increase in selling pressure causing a drop in its hourly value. Shiba Inu was trading at a press time price of $0.00001021, a decrease of 1.16%.
Meanwhile, Dogecoin, a popular rival memecoin, is also trading in the red zone. Despite trading higher than Shiba Inu at this time, it has not matched Shiba Inu’s weekly performance. Over the last 7 days, Shiba Inu has gained more than 4% in gains. However, a 22% decline in trading volume over the last 24 hours puts Shiba Inu in a critical position, which could further destabilize the memecoin’s price if the decline continues in the long term.
Despite these challenges, price predictions for Shiba Inu remain largely bullish. Market players believe that the memecoin can outperform in the near term. This sentiment was recently echoed by an analyst known as JavonTM1, who has over 32,000 followers. He highlighted the current market structure, citing the technical charts and Shib’s current market movement. He suggested that a similar breakout that previously led to a Shiba price run to All Time Highs could happen again, potentially leading to a more than 740% gain.
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This News Article was automatically generated by Bob the Bot (AI)
| Information | Details |
|---|---|
| Geography | Global |
| Countries | |
| Sentiment | positive |
| Relevance Score | 1 |
| People | JavonTM1 |
| Companies | Dogecoin, Shiba Inu, ShibBurn |
| Currencies | Dogecoin, Shiba Inu |
| Securities | None |
