Shiba Inu, is one of the famous and popular meme coins. Meme coin attracted a lot of attention in the broader crypto market today and has seen a significant increase in its burn rate over the past week. According to information released by Shibburn, the weekly burn rate of SHIB increased by 160%, destroying a remarkable figure of 102.40 million SHIB in the last seven days.
Even today’s chart showed a 36.96% increase in the token’s burn rate. The 1.53 million SHIBs destroyed in the last 24 hours seem to have attracted great global attention.
The Shiba Inu community initiated this burn process by adopting the burn strategy to improve the token’s performance in the market. Meme Coin’s weekly chart also reflected this initiative, showing an increase of 4.14% according to CoinmarketCap data.
However, the token traded in the red today, fueling additional speculation among crypto market enthusiasts going forward. Future performance of Shiba Inu, crypto- It will continue to be closely monitored along with market movements.
SHIB Burning Increases Optimism
Koinfinans.com As we reported, the SHIB community is making a significant impact on tokenomics, having burned an impressive approximately 410.70 trillion SHIB since the token’s inception. These burning efforts appear to be making phenomenal progress, contributing to the token’s market dynamics. In particular, the current circulating supply decreased to approximately 581.41 trillion, meme coinIt has decreased significantly since the beginning of . This situation causes increasing bullish expectations on the token.
In the latest article by Lucie, a leading marketing member of SHIB, the Shiboshi utility ShibariumBy drawing attention to its integration into , a step was taken that will further improve the SHIB burning process and increase the market performance of the token. This integration is expected to further revolutionize Shiba Inu within the crypto ecosystem and increase the value of the token.
However, the token seems to be showing a bearish trend in the market today. It will be important to follow developments closely and evaluate the Shiba Inu’s future performance.
Shiba Inu Price Falls
As of now, SHIB price is trading at $0.00000967, registering a decline of 3.03% in the last 24 hours. This decline contrasts with the increase in burn rate witnessed last week and today and also goes against the community’s recent advances.
The decline in Meme coin’s derivatives data indicates a downtrend for the token, with open interest and volume falling by 3.46% and 28.06% respectively. This shows the difficulties in short-term price movements of Shiba Inu and the uncertainty in the market. It will be important to follow developments closely and evaluate the community’s future steps.
