As the Shiba Inu network continues to burn tokens, the memecoin is also reducing its supply at an accelerated rate of 400%. This increase in burn rate is seen as a positive move to enhance the coin’s credibility in the market.
According to a recent report from ShibBurn, a total of 18,240,757 $SHIB tokens were burned in the past 24 hours through 5 transactions. This surge in burn rate amounts to a staggering 395.43%. As a result, the total number of Shiba Inu coins destroyed from the existing supply now stands at 410.707 trillion.
This continuous burn can potentially benefit Shiba Inu as the reduced supply may drive up demand over time. It could attract more users to the Shiba Inu market and potentially push prices to higher levels.
Despite the bullish burn rate, the current price of Shiba Inu remains unaffected. The memecoin is currently trading in the red zone due to increased selling pressure caused by a mild bearish pushback. As a result, its hourly value has dropped by 1.16%, with the current price at $0.00001021.
The popular rival memecoin, Dogecoin, is also trading in the red zone, although it is currently trading higher than Shiba Inu. However, Shiba Inu has outperformed Dogecoin in the past week, gaining more than 4% in value. On the other hand, Shiba Inu’s trading volume has declined by 22% in the last 24 hours, putting it in a critical position. Further decline in the long-term could negatively impact the already unstable price of the memecoin.
Despite the challenges, market players remain optimistic about Shiba Inu’s future. Many believe that the memecoin has the potential to outperform in the coming months. One influential analyst, JavonTM1, shared his expectations for the asset on social media. He pointed out the current market structure and highlighted the technical charts and Shiba Inu’s market movement. He expressed confidence that the prices could reach all-time highs once again, potentially gaining over 740%.
In conclusion, the ongoing burn of Shiba Inu tokens is reducing the coin’s supply and increasing its credibility. While the current price remains in the red zone, there is optimism among market players, supported by bullish chart patterns and price predictions.