Even if the cryptocurrency market is now weak, Shiba Inu, the self-proclaimed Dogecoin killer, has once again attracted much attention from investors. Fascinatingly, the meme coin’s price surged, going against general market trends, primarily because of a 6000% increase in its burn rate. According to data from the tracker Shibburn, over 10 million SHIB have burned over the last day, inspiring hope for the coin’s future among industry participants. Here’s a more thorough explanation of why.
SHIB Burn Infuses Hope Into the Market
The burn mechanism of Shiba Inu focuses on eliminating SHIB, hence eliminating the market supply of the meme coin. Lowering supply stages could positively impact market dynamics, which is consistent with the principles of supply and demand.
According to Shibburn’s data, the current burn rate has increased by 6018.22% due to the destruction of 10.24 million SHIB. Now, 410.727 trillion coins have been removed from Shiba Inu’s original supply.
Notably, most Shiba Inu fires are caused by the address 0xa9d1e08c. In just a few transactions, the address burned a staggering 8.56 million SHIB.
In the meantime, the price of SHIB has risen against the general trend, even as the value of the worldwide cryptocurrency market has declined. The sudden spike that coincides with the increase in the burn rate of Shiba Inus heightens investor curiosity about the meme coin.
Shiba Inu Cost Rises
As of this writing, SHIB is trading at $0.00001729, up 2.75% from its previous price. The 24-hour high and low values for the token are, respectively, $0.00001764 and $0.00001642.
As reported by Coinglass, Shiba Inu’s Futures OI increased 5.21% to $35.04 million, while its derivatives volume increased by 0.66% to 143.10 million, highlighting an upward trend in the market. The data indicates a rise in investor interest in the asset, consistent with the current price rises.
The RSI, which was at 27, nevertheless surfaced along an oversold area. This gives whales a chance to enter the market, opening up the possibility of future profits for SHIB.
Furthermore, prominent cryptocurrency market analyst Ali Martinez has recently published a buy signal on Shiba Inu’s daily charts on X. Market data on the token as a whole promises potential future moves.
However, it’s important to note that whales have also been seen dumping Shiba Inus lately, which could lend some mystery to future price changes. However, the Shiba Army has proposed a systematic SHIB burn operation on Coinbase and Binance.
