SHIB Burn Data: A More Detailed Exam
According to Shibburn, Shiba Inu’s burn tracker, today’s burn rate represents a 71.55% increase in SHIB burn despite the 281% weekly increase. With 42.76 million tokens burned in the last day, the meme coin is using the depletion of its supply as a safeguard against future declines.
HOURLY SHIB UPDATE$SHIB Price: $0.00002254 (1hr 0.11% ▲ | 24hr -3.91% ▼ )
Market Cap: $13,285,552,188 (-3.72% ▼)
Total Supply: 589,273,678,791,906TOKENS BURNT
Past 24Hrs: 42,769,551 (71.55% ▲)
Past 7 Days: 174,936,408 (281.27% ▲)— Shibburn (@shibburn) May 11, 2024
It’s worth noting that while the community’s token burn mechanism continued burning significant amounts of SHIB in the background, the Shiba crypto community ruled out many upgrades to boost tokenomics further. But after the token reached its peak price of $0.00003, its trajectory waned and began to move sideways, which sparked investor speculation about potential future price movements.
Shiba Inus’s Market Movement
Despite indications of a retreat, SHIB’s price fell 3.59% to $0.00002255, with highs at $0.00002222 and lows at $0.00002358. Moreover, its market capitalization decreased by 3.46% to $13.29 billion, and the 24-hour trading volume dropped by 2.18% to $374.93 million. However, amidst this slight price movement, recent burning and advancements in the town provide a contrasting narrative. Additionally, according to Coinglass statistics, SHIB’s open interest increased by 0.36% to $59.74 million, while its derivatives volume surged by 3.33% to $114.26 million.
Market data potentially underlines SHIB’s current market volatility. However, focusing on recent burn events, recent research by CoinGape Media indicates that the meme crypto might reach the $0.00003 price level if the market recovery continues over a more extended period.
The RSI, however, kept declining and is currently hovering at 42. This suggests additional downside pressure in the market even though the token is neither overbought nor oversold.
Nonetheless, this year’s main event, BTC’s halving, and its aftermath will support SHIB in the long run. Participants in the cryptocurrency market are still keeping a close eye on the token as bulls and bears compete over Shiba Inus.
