In a noteworthy gust of developments witnessed across the Shiba Inu ecosystem recently, the SHIB burn rate surge recorded by the meme coin’s burn tracker appears to be propelling market optimism for the token, SHIB. As per the data hovering over the crypto horizon, SHIB’s weekly burn rate surged 75.01%, with the community’s massive transfer to a dead wallet surfacing today, February 23.
Meanwhile, the meme coin traded in the green as of press time, aligning with the community’s massive incineration of SHIB. However, with the derivatives data showcasing a drop in open interest and volume, a sentiment showcasing limited investor enthusiasm prevails within the broader crypto market, with small amounts of money leaving the market simultaneously.
Nonetheless, with the community’s recent advancements and colossal burning of tokens weighing in, the SHIB price appears to be posied for a run to $0.0001 ahead.
SHIB’s Burning Saga: Jacking Up Tokenomics
The Shiba crypto community introduced a burn mechanism, aiming to reduce the meme coin’s overall circulating supply while also creating scarcity for its token. Aligning with this, the Shiba Inu ecosystem has witnessed phenomenal burn transactions to date, garnering noteworthy interest among crypto market enthusiasts.
According to the data revealed by Shibburn, although SHIB witnessed a 61% plunge in its burn rate over the past 24 hours, with the community’s recent transfer of a staggering 32.40 million SHIB to a dead wallet, the weekly burn soared 75.01%. Moreover, concerning this, the Shiba crypto community jotted down the incineration of a whopping 176.72 million SHIB in the past week.
The total number of tokens burnt from Shiba Inu’s initial supply now amounts to 410.70 trillion SHIB, while the current circulating supply remains 581.44 trillion SHIB. As the meme coin’s community continues to burn significant amounts of coins, crypto market enthusiasts expect to see bolstered prices shortly ahead as the supply continues to take a hit.
Meanwhile, SHIB’s price action reflected the substantial destruction of tokens as of writing.
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Shiba Inu Price Jumps
As of writing, the Shiba Inu price jotted a marginal jump of 0.36% over the past 24 hours and is currently trading at $0.000009531. Contrarily, the weekly chart showcased a substantial plunge of 4.85% for the meme coin. This comes in contrast to the weekly surge in burn rate, fueling speculations among crypto market traders and investors.
The derivatives data offered by Coinglass further showcased a marginal 0.24% drop in SHIB’s open interest, whereas volume dropped 18.95%. While the marginal drop in open interest signals money leaving the market, although negligible, the volume plunge showcases limited investor interest, as mentioned above. This contrasts today’s marginal pump noted by SHIB, birthing inferences over a price action shift ahead.
However, analysis by CoinGape Media further illustrated that technical indicators support an optimistic outlook for Shiba Inu. The meme coin broke the resistance level of $0.0000095, painting a bullish climate recently.
Moreover, in the past two weeks, with a noticeable pump, moving from $0.0000088 to the current stance above $0.0000095, SHIB amassed additional bullish thoughts. With the continuous burning of tokens and SHIB’s growth in recent days, the token is expected to continue its movement to the $0.0001 resistance level.
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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/shib-price-shiba-inu-weekly-burn-rise-sparks-optimism-for-0-0001/
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