Shiba

Token

Burn

Shiba Inu

You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/shiba-inu-token-burn-rate-excites-altcoin-investors/" data-wpel-link="internal">Shiba Inu Token Burn Rate Excites Altcoin Investors</a> 
The popular memecoin Shiba Inu (SHIB), known for its iconic dog mascot, has recently faced significant interest in the <a href="https://en.coin-turk.com/bitcoin-price-analysis-and-expert-predictions/" data-wpel-link="internal">cryptocurrency market</a>. This surge in interest is largely attributed to the dramatic increase in the token burn rate. According to Shibburn, a platform that tracks the burning of SHIB tokens, Shiba Inu’s token burn rate has seen an extraordinary increase of approximately 16,600% today. Despite this remarkable increase, SHIB’s price is declining, but the impressive rise in the burn rate has led to speculation about a potential price recovery. 
<h2 style="text-align: justify" id="strong-token-burn-rate-increase-excites-altcoin-investors-strong">Token Burn Rate Increase Excites Altcoin Investors</h2> 
The Shiba Inu community has taken a proactive stance by initiating a significant SHIB token burn worth $21.5 million. This substantial burn, which reduces the circulating supply of SHIB tokens, has excited traders and <a href="https://finance.coin-turk.com/" data-wpel-link="exclude">investors</a> as it could potentially increase their value. Shibburn reported a staggering 16,593% increase in the token burn rate within the past 24 hours, with the community collectively burning 21.5 million SHIB through multiple transactions. 
Token burn rate received a notable contribution from a wallet address starting with 0x498…, which transferred 21.31 million SHIB tokens to a dead wallet in a single transaction. Along with other transactions from community members, the token burn rate reached new heights. As a result, the total number of burned SHIB tokens reached an impressive 410.72 trillion, a significant factor that could potentially raise the altcoin’s price if demand remains steady or increases. 
<img loading="lazy" loading="lazy" decoding="async" class="aligncenter wp-image-359005" src="https://coin-turk.com/wp-content/uploads/2024/06/Altcoin-Shiba-Inu-SHIB.png" alt="" width="407" height="473"> 
From an economic perspective, a decrease in supply coupled with steady or increasing demand typically leads to a price increase, and this principle applies to altcoins like SHIB. The increase in the token burn rate has fueled optimism within the Shiba Inu community. 
<h2 style="text-align: justify" id="strong-price-shows-a-negative-trend-strong">Price Shows a Negative Trend</h2> 
Despite the significant token burn, SHIB’s price fell below the critical support level of $0.000024, distancing itself from the key resistance level at $0.000025. At the time of writing, SHIB’s price dropped by 3.30% in the last 24 hours to $0.00002392, with a market cap of $14.09 billion. Interestingly, SHIB’s trading volume increased by 42.35% in the last 24 hours, reaching $659.67 million. 
While the rising token burn rate has injected optimism into the market, a significant price recovery for SHIB depends on surpassing the $0.000025 level. If the popular altcoin manages to break this level, it could potentially reach $0.000030 or even $0.000050. Additionally, if the bullish momentum continues, Shiba Inu could achieve the much-anticipated $0.0001 target. 
However, derivative <a href="https://newslinker.co/category/ai/" target="_blank" rel="noopener" data-wpel-link="exclude">data</a> presents a different narrative. According to Coinglass, open interest in Shiba Inu futures decreased by 13.95% to $89.77 million. This indicates a decline in interest from derivative traders in the altcoin. Additionally, while long liquidations increased by approximately $1 million, there were no significant short liquidations, suggesting further declines due to ongoing sales. 
<h5>The post first appeared on COINTURK NEWS: <a href="https://en.coin-turk.com/shiba-inu-token-burn-rate-excites-altcoin-investors/" data-wpel-link="internal">Shiba Inu Token Burn Rate Excites Altcoin Investors</a></h5>

Shiba Inu Token Burn Rate Excites Altcoin Investors

Table of Contents

COINTURK NEWS

Other articles published on Jun 4, 2024

MoonBag Presale Smashes $1 Mn as Stage 4 Wraps Up, Takes Floki Inu and Dogwifhat to the Cleaners

Bitcoin Touches $71K Amid 'Unprecedented Inflow Access For Traditional Capital'

Bitcoin’s Price Touches $71,000, Shorts Liquidated

NBA NFT Creator Dapper Labs Settles Securities Violation Lawsuit For $4M: 'Pleased With The Results'

MoonBag, the Best Presale in 2024, Steals the Spotlight from Dogeverse and Arbitrum with a 15,000...

Dapper Labs Settlement Affirms NBA NFTs Are Not Securities

Join our free newsletter for daily crypto updates!