Shiba Inu (SHIB), the dog-themed meme coin, has grabbed attention with a massive 900% burn rate increase in the last 24 hours. Despite this positive development, SHIB’s price has dipped recently. This decline aligns with the broader cryptocurrency market’s bearish trend, not necessarily a consequence of burning. However, some investors remain optimistic, hoping the burning paves the way for a future price surge for SHIB.
Despite a recent slump in SHIB’s price by around 20%, the token’s burn rate has experienced a dramatic surge. This surge in SHIB’s burn rate adds another positive note to a recent string of market improvements, fueling a wave of optimism among investors eager for signs of a comeback. The overall sentiment has shifted, with many now looking to the future with renewed confidence.
Diving deeper, let’s dissect the current Shiba Inu market and explore the factors fueling investor optimism about the token’s potential for substantial future gains.
SHIB Burn Soars Over 900%
The Shibburn tracker data reveals that Shiba Inu destroyed 45.16 million tokens today, representing a 921.31% increase in its burn rate over the previous 24 hours. As the SHIB exchange supply continued to decline, this behavior signaled a notable increase in investor confidence in the token.
Cryptocurrency market supporters largely attributed SHIB’s poor performance to its excessive supply. In response, the Shiba Inu community attempted to address this issue and enhance SHIB’s market dynamics by implementing token burning initiatives. However, these burning efforts appear to have ceased.
Large amounts of SHIB have been burned, totaling 410.72 trillion so far. Despite this, the current circulating supply remains high at 582.88 trillion SHIB, making a significant price increase unlikely based on supply alone. However, cryptocurrency investors and traders are optimistic about the ongoing burns driving up SHIB’s value in the long term. Proponents of the burning mechanism believe it can ultimately drive up the price of SHIB. Their reasoning hinges on basic economic principles: by reducing the overall supply of SHIB tokens available, burning could eventually lead to increased demand for the remaining tokens. This rise in demand, according to economic theory, could then push the price of SHIB higher.
But as the story went to press, SHIB reported a decline, sparking a flurry of rumors.
Shiba Inu Cost Drops
The Shiba Inu token is currently trading at $0.00002437, having dropped 4.49% in the last day as of this writing. The price of the Shiba Inu token has declined despite the cryptocurrency community’s ongoing efforts to improve SHIB’s tokenomics. This price movement contradicts the community’s goals but aligns with the current bearish trend in the broader cryptocurrency market, as previously mentioned.
Additionally, research increased enthusiasm for the meme token with a dog motif and opened the door for a $0.0001 price target. This price target is primarily related to the fantastic improvements that Shibarium is working on, which include a Layer 3 and a hard fork.
