The post Shiba Inu Burn Rate Rockets 1100%, SHIB’s Climb To $0.00002 Imminent? appeared on BitcoinEthereumNews.com.

The leading dog-themed meme coin, Shiba Inu price dropped today by more than 1%, amid a dip in the broader crypto market. In addition, the meme coins sector also noted a dip, along with major cryptos like Dogecoin, PEPE Coins, and others. However, despite the recent dip, it seems that optimism still prevails on SHIB. The Shiba Inu burn rate has surged nearly 1100% today, boosting market sentiment. On the other hand, several market trends and recent developments hint at Shiba Inu’s surge to $0.00002 in July. Shiba Inu Burn Rate Fuels Market Sentiment The recent downturn in Shiba Inu’s price mirrors a broader crypto market slump, with the meme coin sector seeing similar dips. Major tokens like Dogecoin and PEPE Coin also experienced declines. However, the focus has shifted to a remarkable surge in SHIB’s burn rate, which has climbed by nearly 1100% in a single day, according to Shibburn. This surge involved the destruction of approximately 19.76 million SHIB in the last 24 hours, signaling a robust effort to reduce the overall supply. Two significant transactions by a single address, “0xa9d….d3e43,” were responsible for burning 6.94 million SHIB each, contributing substantially to the burn rate spike. Besides, over the past week, the SHIB burn rate increased by 13%, with over 83.37 million SHIB removed from the initial supply. Meanwhile, this effort brings the total burned SHIB to 410.72 trillion, leaving a current circulating supply of 583.33 million. The increased burn rate is a positive indicator for the SHIB community, suggesting a potential price rally. For context, the burning mechanism helps in reducing the supply from the market, which in turn raises the value of the assets. In addition, historical data supports this optimism, with Shiba Inu showing strong performances in the July months. For instance, CryptoRank showed that…

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Filed under: News - @ June 29, 2024 6:26 pm