Shiba Inu Coin (SHIB) has seen a dramatic increase in its burn rate, surging over 2600% today. This spike has caught the attention of crypto market participants, sparking discussions about a potential recovery for the meme coin. According to Shibburn, a total of 14.91 million coins were incinerated in the last 24 hours, marking an increase of over 2611%.

Shiba Inu Coin Burn Rate Skyrockets 2611%

The recent Shiba Inu Coin burning spree has gained notable traction from the crypto market watchers. Shibburn reported that the community has removed nearly 15 million tokens over the last 24 hours, reflecting a surge of 2611%. The two largest burns in the last 24 hours each accounted for around 5 million SHIB.

Meanwhile, with the latest burning spree, the Shiba Inu community has burned 410.72 trillion SHIB from the total initial supply to date. This robust burn rate is gaining traction among investors as well as in the meme coin segment, as burning tokens reduces the overall supply and potentially increases the crypto’s value.

Notably, the burn mechanism is a strategic move to limit the number of tokens in circulation. By reducing supply, there is a potential for increased demand, which can lead to a rise in the token’s value. This mechanism has proven effective in attracting investor interest and fostering a positive market sentiment around Shiba Inu Coin.

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A Recovery Ahead?

Despite the recent volatility in the broader cryptocurrency market, several market experts seem to have remained optimistic about Shiba Inu Coin’s performance due to the rocketing burn rate. A recent analysis from CoinGape suggests that if bullish momentum continues, SHIB could reach resistance levels at $0.000016. With further momentum, the price could climb to $0.000017 and potentially $0.000018 in the coming days.

However, experts also caution that if bearish pressure mounts, SHIB could fall below the support level of $0.00001550 to $0.000015 and even $0.00001450. The crypto market’s unpredictable nature requires investors to stay vigilant and consider both bullish and bearish scenarios.

During writing, SHIB price was down over 3% from yesterday and exchanged hands at $0.00001539. Its trading volume rose 16% to $238.79 million. Besides, Shiba Inu Futures Open Interest (OI) fell 13% recently, reflecting a dominating bearish sentiment in the market.

Also Read: Coinbase Reveals Major Support For MEW, JASMY, & MEME

The post Shiba Inu Coin: SHIB Burn Rate Rockets 2600% Fueling Recovery Speculations appeared first on CoinGape.

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Filed under: News - @ August 1, 2024 9:02 pm