Shiba Inu, one of the most popular meme cryptocurrencies, has captivated noteworthy attention today as the dog-themed meme token’s burn rate rocketed slightly over 900% in the past 24 hours. Coming in tandem with the token’s current bearish movement, primarily attributed to the broader crypto market’s trend, this surge in the burn rate has ignited a sense of uptrend among investors, expecting the token to showcase a bolstered price trajectory ahead.

Adding to a series of bullish market events, the sudden surge in SHIB’s burn rate has triggered a wave of optimism in the market. This is despite the SHIB token’s recent waning price trajectory, as seen by a nearly 20% dip in the past month.

Let’s delve deeper into Shiba Inu’s current market dynamics and understand why investors are hopeful about the token’s potential for significant returns in the future.

SHIB Burn Soars Over 900%

According to the tracker Shibburn’s data, Shiba Inu’s burn rocketed 921.31% in the past 24 hours, with 45.16 mln tokens destroyed today. This phenomenon marked a significant increase in investor confidence surrounding the token as the exchange supply continued diminishing for SHIB.

It’s worth noting that crypto market enthusiasts attributed SHIB’s sluggish performance primarily to its excessive supply in the market. To remedy this, the Shiba Inu community ruled out its token-burning saga, aiming to jack up the SHIB token’s market dynamics.

Meanwhile, despite colossal burning chronicles witnessed, as 410.72 trillion SHIB has been destroyed to date, the token’s current supply appears to be resting at 582.88 trillion SHIB, an amount inadequate to fuel a significant price boost. Nonetheless, crypto market traders and investors expect the continuous burning of SHIB to kick in a bull run for the token. In context, aligning with the law of supply and demand, as the supply shreds off with every burn, the demand and price action for the token remains posed for an upturn.

However, at press time, SHIB noted a fall, stirring a whirlpool of speculations.

Also Read: Bitcoin Shines Amid Republic First Bank Crisis, What Next?

Shiba Inu Price Plunges

As of writing, the Shiba Inu token’s price noted a dip of 4.49% in the past 24 hours and is currently trading at $0.00002437. This drop in the token’s price contradicts the Shiba crypto community’s efforts to boost the SHIB tokenomics, whereas it aligns with the broader market’s trend today, as mentioned above.

Moreover, an analysis by CoinGape Media further fueled optimism on the dog-themed meme token, paving the road for a price target of $0.0001. This price target is predominantly linked to Shibarium’s phenomenal upgrades in the pipeline, encompassing a Shibarium hard fork and a Layer 3 in the works.

Also Read: Shiba Inu or Dogecoin: Which Is Better & Likely to Outperform This Year

The post SHIB Price: Shiba Inu Burn Spirals 900%, Price Recovery To $0.0001 Ahead? appeared first on CoinGape.

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Filed under: News - @ January 1, 1970 12:00 am