Shiba Inu Cremation Rate Increases to 6000% Sparks optimism About SHIB Price Increase
The self-proclaimed dogecoin killer shiba inu has once again captured the attention of investors despite today’s stagnant crypto market. Interestingly, the price of the meme coin has risen, defying broader market trends, which can primarily be attributed to a 6000% increase in burn rate. Data from tracker Shibburn shows that over 10 million SHIBs have been burned in the past day, reflecting optimism about the coin’s future across the wider industry. Here we understand better why.
SHIB Burn Brings Optimism to the Market
Shiba Inu’s incineration mechanism focuses on destroying SHIB, killing the market supply of breast money. Reducing supply phases as a potential bullish factor influencing market dynamics in accordance with the laws of supply and demand.
According to Shibburn’s data, the destruction of 10.24 million SHIBs resulted in a 6018.22% increase in the burn rate today. The total number of coins mined from the Shiba Inu initial offering has now reached 410.727 trillion.
In particular, the address 0xa9d1e08c… appears to be responsible for the lion’s share of Shiba Inu cremations. 8.56 million SHIB alone was burned by the address in a few transactions.
Meanwhile, despite the global crypto market taking a hit, SHIB’s price has risen, defying the general trend. This unexpected increase is directly related to the increase in the Shiba Inu’s burn rate, increasing investor curiosity surrounding breast money.
Also Read: WIF Price Rises 21% on Big Purchases of Dogwifhat Whales, What’s Next?
Shiba Inu Price Is Rising
It was stated that as of the moment of writing, the price of SHIB increased by 2.75% and is currently traded at $ 0.00001729. The token’s 24-hour low and high are $0.00001642 and $0.00001764 respectively.
Coinglass data underlined Shiba Inu’s upward trend in the market; Futures OI rose 5.21% to $35.04 million, followed by derivatives volume rising 0.66% to 143.10 million. This data shows that investor interest in the asset coincides with today’s price increases.
However, the RSI still remained at 27, surfacing in the oversold territory. This opens up potential profits for SHIB as it represents a market entry opportunity for the whales.
Additionally, well-known crypto market analyst Ali Martinez recently noted a buy signal on the daily charts of Shiba Inu with a preference for X. Collectively, market statistics about the token provide hope for future movements.
However, it is worth noting that whales have also been recorded recently offloading Shiba Inu, adding a layer of intrigue to future price movements. The Shiba Army, on the other hand, appears to have proposed a strategic SHIB burning initiative on Binance and Coinbase.
Also Read: AI Coins Rising Despite Nvidia (NVDA) Stock’s 7% Drop, Can It Maintain Its Rise?
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