Over 81 Mln SHIB Destroyed As Burn Rate Spikes 4000%, What’s Next?

Shiba Inu, a prominent dog-themed meme coin in the crypto sphere, has once again sparked significant interest. Today, May 6, the crypto saw a remarkable 4000% surge in its burn rate, a development that has birthed optimism surrounding the token’s future price movements.

Despite a monthly price correction witnessed by SHIB, the token appears to have defied usual bearish market sentiments with a stockpile of upgrades to jack up its cryptographic venture. Now, with the abovementioned development further weighing in, the Shiba Inu coin trades primarily in the green today, reflecting the spike in its burn rate and recent bullish market statistics.

Shiba Inu Burn Rockets 4000%: Here’s Everything

According to the tracker Shibburn’s insights, 81.64 million SHIB was burnt in the past 24 hours, resulting in a 4085.94% surge in the burn rate. This initiative kills Shiba Inu’s supply in the market, aiming to bolster the token’s future market dynamics.

Notably, the dog-themed meme coin’s sluggish market performance is primarily attributed to its excessive market supply. Concerning this, the Shiba crypto community’s token burn mechanism burns SHIB tokens to erase the supply, as in the development mentioned above.

This has injected a dose of optimism into Shiba Inu’s price movements ahead. In context, following the law of supply and demand, the token burn mechanism could potentially lead to a time when the reduced supply substantially raises the token’s demand and price.

Meanwhile, falling in line with the burn rate spike, SHIB traded in the green, further accompanied by recent developmental endeavors.

Also Read: Binance Futures Set To Delist These Cryptos, What Next?

Shiba Inu Price Springs

As of writing, the Shiba Inu token has been noted to have gained 1.40% in the past 24 hours and currently stands at $0.00002489. The token’s weekly charts illustrate a 6.37% surge in value, aligning with the coin’s recent advancements.

Notably, the token’s community revealed Heimdall hard fork for Shibarium last week, jacking up faster block processing and more predictable transaction fees. Further, despite massive SHIB selloffs recorded, the coin showcased resiliency, maintaining its upward momentum.

Coinglass data illustrated a 3.33% jump in SHIB’s open interest, adding a splash of optimism to the crypto. This, coupled with the continued decline in SHIB liquidations, further curated an optimistic frenzy for the dog-themed meme token, illustrating a constant reduction selling pressure.

Although short-term volatility might be expected, aligning with broader market trends, the token potentially remains poised for significant gains in the long run, aligning with the abovementioned developments and post-BTC halving sentiments. Additionally, it’s also worth noting that technical indicators indicated a buying sentiment for the token, adding to the coin’s optimistic picture, although the RSI hovered at 49, hinting that the asset is neither overbought nor oversold.

Also Read: Pepe Coin: Smart Money Buys 143 Bln PEPE, $0.00001 On The Horizon?

✓ Share:

CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.

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.