- SHIB’s burn rate surged by 1055%, with 50.90 million coins incinerated in 24 hours, yet its price remained at $0.000030 amidst broader market downtrend.
- Despite on-chain bearish sentiments and reduced market activity, potential for a rebound to $0.000035 is suggested by historical patterns and community burning efforts.
In a surprising turn of events within the cryptocurrency sphere, Shiba Inu, dubbed the Dogecoin killer, has experienced a significant surge in its burn rate, sparking optimism among traders and investors globally. The latest insights from the meme coin’s tracker have unveiled a staggering 1055% increase in SHIB’s burn rate, contrasting sharply with today’s price action.
Despite reaching above $0.00003 yesterday, today’s decline has painted a somewhat uncertain picture for SHIB’s future price trajectory, despite the substantial surge in burn rate. Crypto enthusiasts are closely watching this dog-themed meme token, hoping that the community’s burning efforts and recent developments will positively influence SHIB’s market dynamics amidst the ongoing crypto market bull run.
However, today’s downturn is not unique to Shiba Inu, as major cryptocurrencies like BTC and ETH have also experienced a decline. Interestingly, SHIB’s primary rival, Dogecoin, has seen significant gains today, defying the broader market trend.
According to Shibburn’s burn insights, in tandem with the 1055% surge in SHIB’s burn rate, the meme coin’s community has burned a staggering 50.90 million coins in the past 24 hours alone. This significant reduction in supply has once again fueled optimism among investors, as the basic economic principle of supply and demand suggests a potential price increase with a decrease in supply.
Despite these burning efforts, SHIB’s price action today has not reflected the anticipated optimism. While the token reached as high as $0.00003147 in the past 24 hours, its current value hovers around $0.000030, indicating a somewhat bearish sentiment despite the surge in burn rate.
As of the time of writing, Shiba Inu coin’s price has experienced a 2.15% drop in the past 24 hours, currently trading at $0.00003035. This decline seems to be fueled by on-chain bearish sentiments showcased by traders and investors.
Data from Coinglass suggests an 8.23% drop in open interest and a 26.87% decrease in volume in derivatives, signaling a reduction in market activity and investor interest in the asset. Coupled with today’s price decline, it appears that selling pressure currently outweighs buying pressure in the market, contributing to the overall downtrend in price.
Despite these challenges, the Relative Strength Index (RSI) hovering at 59 suggests that the asset has not yet entered oversold territory, potentially indicating a future price rebound or stabilization. With the continuous burning efforts by the Shiba Inu community and recent developmental endeavors, there remains a possibility of a positive impact on price in the near future.
Analyzing Future Price Movements
Furthermore, a recent analysis by CoinGape Media suggests that if historical patterns repeat themselves, Shiba Inu’s price could rebound, aiming for a 16% rally to reach the $0.0000345 resistance level and subsequently target $0.000038.
