One of the popular meme coins Shiba Inuhas received significant attention today, with its burn rate rising to just over 900% in the last 24 hours. This increase in burn rate, which comes with the Meme coin’s current bearish move, has sparked a bullish sentiment among investors who expect the token to exhibit a supported price trajectory going forward.
In addition to a series of bullish market events, the sudden increase in SHIB’s burn rate triggered a wave of optimism in the market. This is despite the SHIB token’s recent declining price trajectory, which has seen a decline of nearly 20% in the past month.
SHIB Burn Rate Increased Over 900%
According to data from the Shibburn tracker, Shiba Inu burning increased by 921.31% in the last 24 hours, with 45.16 million tokens destroyed today. This phenomenon marked a significant increase in investor confidence surrounding the token as the exchange supply for SHIB continues to decrease.
Meanwhile, despite witnessing massive burn chronicles as 410.72 trillion SHIBs have been destroyed to date, the current supply of the token seems to stand at 582.88 trillion SHIBs. This is an insufficient amount to fuel a significant price increase. With this, crypto- market traders and investors expect the continuous burning of SHIB to start a bull run for the token. In this context, in accordance with the law of supply and demand, demand and price action for the token continues to signal an uptrend as the supply fragments with each burn.
However, at the time of writing, SHIB recorded a decline, creating speculation.
Shiba Inu Price Dropped
As we reported as Koinfinans.com, at the time of writing the news, the price of SHIB has recorded a decrease of 4.49% in the last 24 hours. It is currently trading at $0.00002437. While this decline in token price contradicts the SHIB community’s efforts to increase SHIB tokenomics, it is in line with the trend of the broader market today as noted above.
Moreover, an analysis meme coin It further increased optimism, paving the way for a $0.0001 price target. This price target is heavily linked to Shibarium’s outstanding upgrades to its line.
