Amid the recent remarkable price corrections seen in the crypto world, with an optimistic wind Shiba Inu, has attracted significant attention from investors today, as the burn rate recorded a meteoric increase. Information revealed by Meme coin’s burn tracker added optimism for the SHIB price increase, noting a nearly 4000% increase in the SHIB burn rate in the last 24 hours.
Meanwhile, SHIB traded in the red today, contrasting the sentiments generated by the burn rate increase. As mentioned above, token, crypto- It recorded a significant decline to the $0.000026 mark, reflecting the results of market corrections. However, the 4000% increase in the meme coin’s burn rate appears to have sparked a frenzy in the cryptocurrency world, encouraging speculation on its forward price movements.
Shiba Inu Breeding Increase Excited Investors
According to the information revealed by Shibburn, the 4093% increase in the burning rate is primarily due to 154.99 million SHIBs destroyed in the last 24 hours. Moreover, meme coin The community noted that 312.03 million SHIBs were burned in the last seven days, contributing to the optimistic speculations in the token’s market. found.
In the past 24 hours, there has been a total of 154,999,579 $SHIB tokens burned and 4 transactions. Visit https://t.co/t0eRMnyZel to view the overall total of #SHIB tokens burned, circulating supply, and more. pic.twitter.com/rhajRJLTud
NEWS CONTINUES BELOW— Shibburn (@shibburn) April 3, 2024
Despite the price registering a significant decline reaching $0.000026, the aforementioned increase in SHIB’s burn added optimism to the meme coin. This optimism comes primarily as the supply of the meme coin on the market decreases, easing SHIB’s decline and tokenomics.
Meanwhile, on-chain data has further fueled a flurry of speculation regarding Shiba Inu’s future price movement.
Shiba Inu Price Analysis
At the time of writing this news, the price of the Shiba Inu token has fallen by 0.24% in the last 24 hours. It is currently trading at $0.00002689. With a 1.55% decline in open interest and an 11.96% decline in derivatives volume, meme coin entered the bearish phase today as investors exhibited diminished interest and market participation in the asset, according to data from Coinglass.
However, with the token’s continued supply explosion in the broader crypto market, crypto enthusiasts foresee a time when buying pressure in the market greatly aids SHIB’s price movement. However, if supply pressure from the broader markets continues, the price of the Shiba Inu will retest the 61.8% FIB level at $0.00002368, according to the analysis.
