Shiba Inu coin has just witnessed a staggering 2000% price surge, This massive price surge has given all the memecoins a proper boost.
Shiba Inu coin caught the attention of investors on Saturday with a huge 2000% increase in its burn rate, According to Shibburn over 200 million SHIB were taken out of circulation in the last 24 hours. Despite this big jump in the burn rate, SHIB’s price still dropped today. This development has ignited investor speculation regarding the coin’s future price trajectory amidst ongoing and upcoming ecosystem developments.
Shiba Inu Coin Burn Rate Skyrockets
As per an X post by Shibburn dated September 7, the Shiba Inu coin saw the incineration of a whopping 253.52 million SHIB in the past 24 hours. This massive amount of burned resulted in a 2086% surge in today’s burn rate.
Furthermore, the data revealed a 209% surge in the burn rate over the past seven days. This significant burning, reducing the meme coin’s supply, has fostered optimism about long-term price prospects.
Moreover, a host of upcoming ecosystem developments has further solidified sentiments of increased SHIB adoption ahead. The Shiba Inu coin’s community continues to enhance user appeal, with its marketing lead rolling out a series of developments in a recent X post.
Shib Ecosystem Gets a Boost
According to a recent X post by Shiba Inu’s marketing lead Lucie, “Shib ecosystem is buzzing with exciting developments.” The upcoming projects include TREAT, Shibahub, Shib: The Metaverse, Woofvertise, Shib Dev, Shib Torch, and Shib Games, among many other projects.
The Shiba Inu coin’s community hopes to attract users worldwide with these new developments. Additionally, a recent CoinGape Media report also highlights the ShibDev portal, a groundbreaking approach to building on Shibarium.
Despite many upcoming upgrades and a huge jump in the burn rate, SHIB, the native token of the ecosystem, still saw its price drop today.
SHIB Price Takes a Hit: What’s Ahead?
SHIB’s price dropped by nearly 3% in the last 24 hours now trading at $0.0000129, The token’s lowest and highest prices in this period were $0.00001238 and $0.00001343. This decline matches the broader crypto market crash today, with Bitcoin falling to $53,000.
Even though the price of Shiba Inu coin has gone down recently. it might be getting ready to go up again. This is based on an analysis done by CoinGape Media. However, people who watch the cryptocurrency market are still not sure what will happen next.
Coinglass data illustrated a 7.63% dip in the coin’s OI to $22.67 million today, adding to this uncertainty. Crypto market participants continue to closely monitor SHIB for future price movement shifts.
The rise in Shiba Inu’s burn rate and its ongoing developments in the ecosystem create a hopeful outlook for the coin’s future. Although the current price drop may be due to overall market trends. the higher burn rate and upcoming projects could lead to a more positive view of SHIB.
The crypto market can change quickly. Things like the economy and other coins can affect Shiba Inu’s price. Investors should learn a lot about Shiba Inu and think about how much risk they can take before investing.
Also Read: Will Shiba Inu Coin Reach $1? Shib Crypto Predictions
