The renowned meme cryptocurrency Shiba Inu’s (SHIB) price has slipped back to the $0.000016 mark today, riding alongside the broader market downtrend. However, a colossal 7300% surge in the SHIB burn rate appears to have ignited optimism over the token’s future movements. Intriguingly, data by Shibburn revealed that millions of coins were burnt in the past 24 hours. Simultaneously, the continued burning sparked market speculation over SHIB price’s potential to hit the maximum target of $0.0000377 in August.

Shiba Inu Records Millions Burnt

According to the insights streamlined by the tracker Shibburn today, July 29, the burn rate soared a whopping 7334.38% in the past 24 hours, with 2.37 million coins destroyed. With this burning, the Shiba Inu coin’s total supply was trimmed to 589.27 trillion SHIB.

Meanwhile, the dog-themed meme coin noted the incineration of 70.44 million SHIB over the past seven days. However, SHIB’s price trajectory conversely moved sideways with a waning momentum in the interim.

Intriguingly, the Shiba Inu token even witnessed over 140 million SHIB the last week, despite which the coin failed to gain an upward momentum. Crypto market participants speculate as the price defies usual market dynamics, showcasing turbulence despite supply decrease.

Also Read: US SEC Amends Binance Lawsuit, No Longer Consider Solana As Security

SHIB Price Slips

Meanwhile, at press time, Shiba Inu price noted a dip of 3.04% to 0.00001673. Its 24-hour bottoms and peaks were recorded as $0.00001653 and $0.00001729, respectively.

Despite the remarkable burning chronicles seen in recent days, the Shiba Inu coin has slipped from a high of $0.00002 recorded on July 16 to the $0.000016 price level as of today, raising investor concerns. However, a recent SHIB price analysis by CoinGape shows that the coin is experiencing a steady downtrend, fluxing between the two converging trend lines of the falling wedge pattern.

This indicates the maturity of the downtrend, paving the path for a potential pump.

Moreover, SHIB’s futures OI jumped 0.81% to $41.56 million today, per Coinglass data, underscoring a slight increase in investor interest around the asset. Additionally, the trading activity rose considerably, as illustrated by the derivatives volume spike of 42.52% to $68.79 million. This data has contrastingly sparked optimistic sentiments for the asset among crypto market participants despite its recent waning action.

A recent Shiba Inu coin price prediction by CoinGape media shows that the weekly time frame chart underscores the formation of a rounding bottom pattern. This further solidifies the sentiments of a bottoming downtrend, paving the way for renewed buying interest. Coupled with the abovementioned burn rate surge, current market stats have painted an optimistic picture for Shiba Inu’s future, hinting that a potential $0.0000377 price target spotlighted by CoinGape is scalable in August.

Also Read: Mt. Gox Prepares to Move the Rest of 80.5K Bitcoins, BTC Under Pressure

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