Shiba Inu Burn Rate Surges 190%: Potential Price Rally Ahead?

  • Shiba Inu’s burn rate skyrockets by 191.69% in 24 hours, incinerating 7.65 million SHIB tokens.
  • SHIB’s market performance shows positive movements with a 2.00% price increase, valuing it at $5.53 billion.
  • Growing investor interest in Shiba Inu is evident, suggesting a robust and promising ecosystem for the meme coin’s future growth.

Shiba Inu (SHIB) has recently witnessed a remarkable surge in its burn rate, experiencing an impressive increase of nearly 192% within the last day. This surge has led to the elimination of a significant amount of SHIB tokens, totaling 7.65 million tokens.

Read CRYPTONEWSLAND on Google News google news

The consequential reduction in SHIB’s circulating supply, now standing at approximately 410.7 trillion tokens permanently taken out of circulation, has prompted discussions regarding potential price escalations in the near term. Concurrently, SHIB’s market performance has exhibited notable improvements, as its current price has seen a 2% increase over the past 24 hours, pushing its market capitalization to $5.53 billion.

This positive movement in price is further complemented by a significant increase in open interest, signaling growing investor confidence in the meme coin. According to recent data, open interest in Shiba Inu has surged by 1.64% to $24.59 million within the same timeframe.

The surge in both burn rate and market metrics underscores a burgeoning ecosystem surrounding Shiba Inu, with investors closely monitoring these developments for potential opportunities. The community’s active participation in burning events, coupled with the market’s favorable response, hints at a bullish outlook for SHIB in the coming days.

Based on CoinCodex’s analysis and forecasts, Shiba Inu is anticipated to undergo a decline of approximately 6.24%, potentially reaching a value of $0.0005816 by February 14, 2024. An examination of technical indicators suggests a neutral sentiment at present, with the Fear & Greed Index registering at 72, indicating a state of greed among investors.

Read also:

Crypto News Land ( , also abbreviated as “CNL”, is an independent media entity — we are not affiliated with any company in the blockchain and cryptocurrency industry. We aim to provide fresh and relevant content that will help build up the crypto space since we believe in its potential to impact the world for the better. All of our news sources are credible and accurate as we know it, although we do not make any warranty as to the validity of their statements as well as their motive behind it. While we make sure to double-check the veracity of information from our sources, we do not make any assurances as to the timeliness and completeness of any information in our website as provided by our sources. Moreover, we disclaim any information on our website as investment or financial advice. We encourage all visitors to do your own research and consult with an expert in the relevant subject before making any investment or trading decision.


related posts