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Shiba Inu burn rate jumps 6750%

Shiba Inu burn rate jumps 6750%

GrafaGrafa2024/10/24 02:30
By:Liezl Gambe

Shiba Inu (CRYPTO:SHIB) has recently captured the attention of crypto enthusiasts following a sharp increase in its burn rate. 

On October 23, SHIB’s burn rate surged by an impressive 6750%, resulting in the removal of 27.10 million tokens from circulation within 24 hours. 

This substantial burning activity has sparked optimism within the SHIB community and boosted interest in the meme coin’s potential. 

Recent data indicates that the weekly burn rate reached approximately 58 million SHIB, lowering the total circulating supply to around 589.26 trillion. 

The reduction in supply is viewed positively by traders, with expectations of potential value appreciation based on the economic principle of supply and demand. 

Despite these developments, SHIB experienced price volatility, dropping by 2.5% to $0.00001806. 

This dip aligns with broader market trends, contributing to a short-term negative impact on SHIB’s price. 

Nonetheless, Lucie, Shiba Inu’s marketing leader, remains confident in SHIB’s future. 

“I have believed in this project since 2021; I am confident SHIB will reach the $0.01 target,” she commented. 

However, data from Coinglass revealed that SHIB futures’ open positions decreased by 5.9%, settling at $52.65 million, while derivative trading volume fell by 22% to $106.71 million. 

Although these figures reflect the price decline, the overall sentiment within the SHIB community remains hopeful. 

In addition to the burn rate, activity on Shibarium—a layer-2 solution in Shiba Inu’s ecosystem—has been gaining traction, signaling growth and development. 

The increased burning of tokens, combined with ongoing ecosystem innovations, enhances the coin’s potential for future value gains. 

Amid ongoing market fluctuations, SHIB’s increased burn rate and dedicated community support are seen as positive indicators for the coin’s long-term outlook. 

Investors remain watchful of these trends, looking forward to the possibilities for Shiba Inu’s continued growth.

At the time of reporting, the Shiba Inu price was $0.00001792.

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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