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Cryptocurrency News Articles
Shiba Inu (SHIB) Burn Rate Spikes 14,575%, Will This Spur Rally?
Oct 14, 2024 at 11:24 pm
The Shiba Inu (SHIB) burn rate has experienced a dramatic surge today, increasing by an astounding 14,575.02%, based on data from Shibburn.
The Shiba Inu (SHIB) burn rate has surged dramatically today, increasing by a massive 14,575.02%, according to data from Shibburn. This surge in the burn rate has sparked excitement among investors, especially as it coincides with a significant price increase for the meme cryptocurrency.
With the attention now shifting towards Shiba Inu, market analysts are speculating on the possibility of a major breakout for the crypto, given these recent developments.
In the past 24 hours, a total of 279.65 million SHIB tokens have been burned, contributing to the impressive surge in the burn rate. However, the circulating supply of SHIB still stands at 583.53 trillion tokens.
Despite the slower burn rate compared to previous days, a cumulative total of 410.73 trillion SHIB tokens have now been burned from the initial supply. This burn rate is designed to reduce the overall supply of SHIB in circulation, potentially leading to an increase in the token's value.
Interestingly, the involvement of a single wallet address, “0xa9d…d3e43,” has caught the attention of investors today. This address played a significant role in the burn rate surge, contributing to burning approximately 277.58 million SHIB tokens, according to Shibburn data. This large-scale token burn from a single wallet has sparked further discussions about the implications on the SHIB price.
The surge in Shiba Inu burn rate has not only attracted the crypto community's attention but has also sparked speculations regarding the meme coin’s price potential. As token burns generally reduce the overall supply in circulation, this could contribute to upward price pressure, further boosting market sentiment.
In the case of SHIB, investors are now discussing whether the coin could eventually reach the highly anticipated price level of $1. However, the current SHIB price levels are still a far cry from this target.
At press time, the Shiba Inu price has risen by 6.15%, with the coin currently trading at $0.00001838. Alongside this price increase, trading volume for the token has surged by a massive 60.25%, reaching $370.85 million.
Moreover, additional data from Coinglass reveals that SHIB’s Open Interest has also risen by approximately 19.62% to $57.76 million. This increase in Open Interest suggests growing market confidence and heightened activity in the coin.
Further analysis of the market indicates that whale activity in Shiba Inu could be a contributing factor to the token's substantial price gains. The combined effect of increased whale participation, together with the dramatic spike in SHIB's burn rate, has led to heightened optimism about the token's future performance.
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