SHIB burn rate rocketed over 3000%, sparking optimism among market participants despite the Shiba Inu coin being in a consolidation.
The renowned dog-themed meme cryptocurrency Shiba Inu once again garnered optimism with a substantial surge in SHIB burn on Tuesday. Burn data streamlined by the community’s tracker revealed a whopping 3300% uptick as millions of coins were taken out of the total supply in the past 24 hours. This colossal surge in the burn rate has sparked optimism over Shiba Inu coin’s potential to reach $0.001 ahead.
SHIB Burn Boosts Up Over 3000% Anchoring Optimism Amid Advancements
According to the data revealed by Shibburn on X dated September 17, the SHIB burn rate soared 3348% in the past 24 hours. This surge comes against the backdrop of 7.8 million coins destroyed. Meanwhile, weekly data illustrated 39.37 million SHIB burnt over the past seven days. Altogether, recent burn data sparked optimism, aligning with the law of supply and demand, as millions of coins were killed from the total supply.
At press time, the Shiba Inu coin’s total supply was evaluated as 589.27 trillion coins. Besides, Lucie, a prominent member of the meme token’s community, previously spotlighted crucial aspects of SHIB burn and added to intrigue surrounding the token.
Simultaneously, recent SHIB ecosystem developments have further cemented investors’ optimism on the meme-themed token’s price action ahead. that Puppynet is set to receive significant upgrades, whereas Bor, a vital aspect of Shibarium, will also be upgraded shortly ahead. Altogether, recent advancements indicating robust growth have shifted market tides towards the token despite its price being in a consolidation.
Shiba Inu Coin Market Performance Today
At the time of reporting, SHIB price illustrated a marginal 0.4% drop in value over the past day, resting at $0.00001329. The coin’s 24-hour low and peak were recorded as $0.00001302 and $0.00001345, respectively. Weekly and monthly charts underscore a period of sideways trading for SHIB, down 1.5% and 0.54%, respectively. Current stats show that the Shiba Inu coin awaits a bullish or bearish takeover.
Besides, Coinglass data showcased a roughly 1% jump in the coin’s futures OI within the past 24 hours, resting at $24.30 million. Overall, recent price movements and market data have raised uncertain market sentiments on the asset’s short-term prospects. Also, the broader crypto market currently faces turbulence ahead of the FOMC, impacting tokens’ prices.
Nevertheless, a recent SHIB price analysis that market experts believe SHIB to reach $0.001 ahead. As per the analysis, this move may take a long time as the token currently takes heat in the market. Nevertheless, community developments and continuous SHIB burn has birthed optimism on its long-term prospects.
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