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Shiba Inu (SHIB) experienced a 6750% surge in its burn rate, removing over 27 million tokens from circulation. This increase in burn activity is fueling optimism among investors. Shiba Inu (SHIB), the well-known dog-themed meme cryptocurrency, has sparked fresh optimism among investors with a remarkable rise in its burn rate. On October 23, the burn rate increased by 6750%, which eliminated over 27 million SHIB tokens in the last 24 hours. This considerable decrease has triggered increased bullish expectations from the market players, expecting that, given the token’s reduced supply, its price may rise in the long run. According to Shibburn, the current circulating supply of SHIB is 589.26 trillion tokens. The increase in the burn rate by 6750%, which led to 27.10 million tokens being burnt shows that more and more people are supporting the burning mechanism of SHIB. This has brought forth renewed expectations of a price surge based on the laws of supply and demand. Moreover, the weekly data show that 58 million tokens have been burned, which also positively impacts the meme coin. With the total supply of SHIB continuously declining, the chances of a price increase are boosted since investors now expect a higher price per token in the future. Despite these positive developments, SHIB’s price experienced volatility on October 23, dropping by 3.16% to $0.00001764. This decline is in line with other market trends, which have raised some concerns among investors. The trading volume has also decreased to 326.60 million, down 27% during the same period. While these figures may seem discouraging, a closer look at the broader trend reveals a different story. Over the past 30 days, SHIB has experienced an impressive price increase of 22%.  Market Analysts Project Growth Targets Crypto Sheriff, a popular analyst on X, pointed out that the bullish…

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Filed under: News - @ October 23, 2024 7:20 pm