SHIB Price Rallies As Burn Rate Soars 1000%, What’s Next?

Shiba Inu, one of the top meme cryptocurrencies by global market cap, has once again sparked conversations in the cryptocurrency sphere. Despite recent significant selloffs, the meme coin’s price has shown remarkable resilience, defying market norms and maintaining its upward trajectory above the critical resistance of $0.00002315 at press time.

This phenomenon has garnered noteworthy market optimism on the dog-themed meme cryptocurrency. Meanwhile, another bullish factor appears to be aiding the token’s upward momentum.

Shiba Inu Burn Shoots Up 1000%: Report

Insights from the tracker Shibburn reveal a staggering 1009% surge in Shiba Inu’s burn rate over the past 24 hours, with 29.11 million SHIB being destroyed. This significant increase in the token’s burn rate, a mechanism designed to enhance SHIB’s tokenomics, has further downsized the crypto’s market supply.

As the SHIB burn rate surged 1009%, the price trajectory maintained its upward momentum, pumping in tandem with the broader market trends. Primarily, with the burn rate upsurge weighing in, SHIB scaled the $0.000025 mark again today, a psychologically important level for the token. This has further piqued substantial investor curiosity in Shiba Inu, with crypto market participants optimistically speculating over the coin’s future price movements.

It’s worth mentioning that despite 211 billion coins sold by wallets over the past day, Shiba Inu showcased considerable resiliency, maintaining its upward movement.

Also Read: Will Bitcoin Hit $70,000 again? Here’s What You Need to Know

Shiba Inu Price Soars

While writing, SHIB’s price noted an uptick of 7.46% in the past 24 hours and currently sits at $0.00002472. The meme coin’s market cap jumped 7.48%, further accompanied by a 24-hour trading volume upswing of 9.43%. This pushed the token to take a bullish stage today, whereas on-chain data further splashed a wave of optimism among investors.

Coinglass data revealed SHIB liquidations worth $90.39K, underlining significantly reduced selling pressure compared to previous data. Further, the open interest spiraled 13.73%, reaching $64.76 million, hinting at burgeoning investor interest in the dog-themed meme token.

Meanwhile, the Shiba Inu crypto community also recently ruled out a hard fork upgrade for Shibarium, adding a bullish tint to its cryptographic journey. Collectively, the abovementioned data glimmers hope for SHIB’s future, with crypto market enthusiasts continuing to eye the token.

Also Read: Fidelity: Pension Plans Are Exploring ~$5 Trillion Opportunity In Crypto

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