Shiba Inu, a popular cryptocurrency built on the Ethereum blockchain, recently caused a stir in the crypto market with a significant increase in its burn rate. According to data from Shibburn, a burn tracker for the meme coin, its weekly burn rate skyrocketed by 160%, resulting in the destruction of a whopping 102.40 million SHIB in the last seven days.
The burn rate for the token has continued to surge, with a 36.96% increase in the past 24 hours alone, catching the attention of global investors. This burning process is a concerted effort by the Shiba Inu community to improve the token’s performance in the market. As a result, Shiba Inu’s weekly chart shows a 4.14% increase according to CoinmarketCap.
Despite this positive trend, the token experienced a dip in its price today, fueling speculations among crypto enthusiasts about its future performance.
The burning of SHIB tokens has been a successful strategy for boosting its market dynamics, with a total of 410.70 trillion SHIB destroyed from the initial supply to date. This has significantly reduced the circulating supply, currently standing at 581.41 trillion, leading to a bullish sentiment towards the token.
In a recent post, Lucie, a leading marketing member for Shiba Inu, highlighted the integration of Shiboshi utility into Shibarium, enabling seamless transactions and further enhancing the token’s burning process. This integration is expected to bring about a positive impact on Shiba Inu’s market dynamics and generate optimism for its future as a cryptocurrency.
However, despite these advancements, the token’s price has seen a 3.03% drop in the past 24 hours, currently trading at $0.00000967. This is in contrast to the recent surge in its burn rate and goes against the community’s efforts to improve its market performance.
The derivatives data for Shiba Inu also signals a bearish movement, with a 3.46% drop in open interest and a 28.06% decrease in volume.
In conclusion, while Shiba Inu’s burning process has been successful in boosting its market dynamics and generating optimism, its price has seen a recent dip and is showing signs of a bearish trend. Nonetheless, with its continued efforts and developments, the token remains a significant player in the world of cryptocurrency.