Recently, there has been a notable recovery in the price of the popular meme coin Shiba Inu (SHIB). This increase, also seen in today’s transactions, occurred simultaneously with the significant increase in the SHIB burning rate.
The website Shibburn keeps track of the amount of SHIB tokens burned and provides the community with up-to-date information on this matter. In the last 24 hours, the burn rate increased by 1343%, with millions of SHIBs being sent to dead wallets.
According to Shibburn, a total of 61,235,837 SHIBs were removed from circulation in 13 transactions in the last 24 hours. This is a large burn rate that has caught the attention of many investors within the meme coin community. An increase in the amount of tokens burned may cause the supply of SHIB to decrease and therefore increase demand, which may trigger a price increase.
Optimistic expectations regarding the Fed’s interest rate decision this week created a positive tone in the crypto market. This seems to have had a particularly significant impact on Bitcoin and other liquidity-sensitive cryptocurrencies.
As a reflection of this positive mood, an upward trend was observed in altcoins such as Shiba Inu (SHIB). Although it has given back some gains during the day, SHIB is still trading at $0.0000093 at press time. Shiba Inu’s 24-hour trading volume has gained remarkable momentum, increasing by 51% during this period.
The crypto market is generally quite sensitive to global economic developments and, in particular, the decisions of central banks. Uncertainties in the Fed’s interest rate policy may direct investors to riskier assets and may also affect the demand for cryptocurrencies. Investors can continue to shape their crypto portfolios by closely following such developments.
However, SHIB bulls aim to erase one zero from the meme coin price and aim for a successful breakout of $0.0000099, which corresponds to the daily MA 50. On the other hand, the $0.0000085 support that is protecting SHIB from a decline will be an important level to watch in case SHIB price declines.
Additionally, the Shiba Inu layer-2 network continues to grow. According to Shibariumscan Explorer, the total number of transactions has reached 320,705,642. Wallet addresses are currently at 1,344,539, while the total number of blocks is at 2,909,545.
According to Shiba Inu team member Lucie, in the future, Shibarium aims to implement 1,000 projects through numerous partnerships, in addition to the existing projects on the platform.
Shiba Inu continues to attract attention as a constantly evolving project that interacts with the dynamics in the cryptocurrency market. However, investors should always monitor market conditions carefully and do their own research. Cryptocurrency investments always involve risk and sudden price fluctuations may occur.
You can follow the current price movement here.