Shiba Inu (SHIB) has experienced an increase in its burn rate, with recent data from the Shibburn tracker showing a 1,088% surge in token burns. This surge in activity has coincided with a notable increase in SHIB’s price, which has seen a nearly 6% rise in the last 24 hours, trading at $0.00001385.
Shiba Inu Price Soars Along with Token Burns
According to the Shibburn tracker, the increase in SHIB burns began on Monday, with less than 20,000 tokens destroyed, escalating to nearly 100,000 tokens by Tuesday. This marked shift in burn activity corresponds with the introduction of a new automated burn mechanism on the Shibarium platform, which redirects a portion of gas fees into burns.
Additionally, the relationship between the heightened burn rate and the SHIB price suggests a positive market reaction to supply reduction strategies. Concurrently, the Shibarium blockchain has reached a new all-time high of 418 million transactions, potentially fueling further investor interest in Shiba Inu.
HOURLY SHIB UPDATE$SHIB Price: $0.00001384 (1hr 0.54% ▲ | 24hr 6.09% ▲ )
Market Cap: $8,147,201,435 (5.64% ▲)
Total Supply: 589,272,035,977,497TOKENS BURNT
Past 24Hrs: 98,136 (1088.66% ▲)
Past 7 Days: 12,911,467 (-91.47% ▼)— Shibburn (@shibburn) August 20, 2024
This burn activity coincides with a considerable uptick in SHIB’s market price, which has risen from $0.00001307 to $0.00001385. The price increase reflects a recovery in the crypto market and is closely tied to the token burn rate.
Price Analysis: 50% Rally on the Horizon?
The current trading price of SHIB reflects a recovery from its lowest levels this year, propelled by both the burn mechanism and broader market trends. Analysts are eyeing a critical resistance level at $0.00001526, beyond which a 50% Shibu Inu price surge could be feasible.
The bullish scenario hinges on the sustained demand for SHIB as it approaches critical technical milestones. Conversely, should the price fail to breach this resistance, support levels around $0.00001227 might provide a floor as market participants reassess the asset’s valuation in light of ongoing developments.
Shytoshi Kusama’s Latest Updates
In recent developments, Shytoshi Kusama has reiterated his commitment to maintaining anonymity, emphasizing the project’s community-driven nature. Kusama’s stance on anonymity aligns with the ethos of decentralized community participation that Shiba Inu promotes. His leadership continues to focus on developing the Shibarium blockchain and enhancing the token’s utility, further strengthening the project’s market position.
Following the announcement that Shytoshi Kusama, the lead developer of Shiba Inu, prefers to remain anonymous, Lucie, the SHIB team’s marketing lead, defended his decision on X. She argued that his actions and morals outweigh the potential risks of anonymity, highlighting the team’s commitment and integrity over the past three years, despite criticisms and fears of abandonment.
Ronny Mugendi
Ronny Mugendi is a seasoned crypto journalist with four years of professional experience. He has worked extensively with various media outlets on cryptocurrency trends and technologies. When he’s not analyzing the latest crypto developments, Ronny enjoys the thrill of bike riding, exploring new trails and landscapes.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Source: https://coingape.com/shiba-inu-burn-spikes-1000-shib-price-set-for-50-rally/
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