The Shiba Inu coin burn rate has been increased by 16,600%. How does this affect the price of SHIB? Find out what influences SHIB’s future and where to get more information.
The famous memecoin Shiba Inu has experienced a sharp burn rate. According to Shibburn, there was an incredible rise on the burning rate of around 16600%. But this increase comes with a drop in the price of SHIB, raising the possibility of a future rise.
Shiba Inu Community Starts $21.5M SHIB Burn
The increase in Shiba Inu Coin burn has made investors quite thrilled. It reduces the total amount of SHIB in circulation, which could increase the value. According to Shibburn, the Shiba Inu Coin burn rate has increased by 16,600% over the previous day.
A total of 21.5 million SHIB tokens are burned by the community during this time by a variety of transactions. Moreover, one wallet address came into focus as the primary cause of the increase in Shiba Inu Coin Burn rate.
The interesting donor that used the wallet 0x498 in one transaction has moved a stunning 21.3 million SHIB to a dead wallet. Token burning were also carried out by other members of the Shiba Inu community, which increased the burn rate.
The total quantity of 410.72 trillion SHIB tokens are burned as a result of these major transactions. Reduction in supply plays a major factor that could increase the SHIB’s value.
SHIBA INU Coin Burn: Price Drop
According to CoinMarketCap, SHIBA INU moved down from the vital opposition mark of $0.000025 today, falling below the critical level of $0.000024. As of this writing, the SHIB’s price is dropped 3.30% to $0.00002378. At the same time, the meme crypto market’s value is at $14,019,787,519.
However, in the last 24 hours the SHIB trading volume increased from 42.35% to $659.67 million. The market is more bullish now that the burn rate is higher, but a revoery in the price of Shiba Inu won’t be visible until the meme currency breaks above the $0.000025 barrier.
The price of SHIBA INU might rise above this barrier and hit $0.000030 or even $0.000050. Moreover, SHIBA INU may reach the long-eyed $0.0001 target, which some critics believe is unachievable. According to Coinglass, the SHIBA INU futures open interest dropped 13.95% to $89.77 million, showing a dip in interest among futures traders.
Crypto markets are volatile by nature. One should do their own research before investing.
Also Read: SHIBA INU Surpasses Cardano Globally
