Shiba Inu, has attracted attention again as one of the top meme cryptocurrencies by global market capitalization. Despite the recent significant sell-off, the price of this meme coin has continued to move upwards, defying market norms and above the critical resistance at $0.00002315 at the time of writing.
This situation, meme coinIt created significant market optimism in . There also seems to be another bullish factor helping the token’s upward momentum.
Shiba Inu Burning Increased by 1000%
Information that there has been a staggering 1009% increase in the Shiba Inu burn rate in the last 24 hours, with 29.11 million SHIB destroyed, demonstrates the impact of token burn, a mechanism designed to improve the tokenomics of the SHIB token. This significant increase further reduced the market supply of the cryptocurrency.
Despite the 1009% increase in the SHIB burn rate, the price trajectory has maintained its upward momentum in line with overall market trends. Notably, with this increase in burn rate, SHIB has again surpassed $0.000025, which is a psychologically important level for the token today. This situation, crypto- Investor interest in the Shiba Inu has increased as market participants speculate optimistically about future price movements.
Although 211 billion coins were sold by wallets in the past day, it was observed that Shiba Inu showed significant resilience by continuing its upward movement.
Shiba Inu Price Is Rising
At the time of writing this news, SHIB’s price has increased by 7.46% in the last 24 hours and currently stands at $0.00002472. While the market value of Meme coin increased by 7.48%, its 24-hour trading volume increased by 9.43%. While this situation caused the token to enter an upward phase today, on-chain data further increased the wave of optimism among investors.
According to Coinglass data, it was seen that the selling pressure decreased significantly compared to previous data and SHIB liquidation worth 90.39 thousand dollars took place. Additionally, open interest increased by 13.73% to $64.76 million. This shows that investor interest in meme coin is increasing.
Meanwhile, the SHIB community recently added a bullish tone to its cryptographic journey by ruling out a hard fork upgrade for Shibarium. Collectively, the data mentioned above gives hope for the future of SHIB and crypto market enthusiasts continue to monitor the token.
