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NewsBTC 2025-01-24 01:30:02

Shiba Inu Burn Rate Sees Major 600% Jump In Only 24 Hours, Will SHIB Price Follow Suit?

Shiba Inu Burn Rate Sees Major 600% Jump In Only 24 Hours, Will SHIB Price Follow Suit?

On-chain data has unveiled an impressive surge in the Shiba Inu burn rate, skyrocketing by more than 600% in just one day. This sharp rise in token burns indicates a growing interest in decreasing the overall supply of SHIB. Moreover, it has raised the possibility that the SHIB price could follow suit, as increased token burn often influences a cryptocurrency’s price movements. Shiba Inu Burn Rate Skyrockets Over 600% Shibburn, the official Shiba Inu token burn tracker, has just reported a dramatic increase in burn rate, with over 3.24 million SHIB tokens permanently removed from circulation. The tracking platform revealed that the SHIB token burn rate shot up by approximately 612.78% in less than 24 hours. This spike represents one of the most significant one-day increases in recent weeks. Related Reading: Shiba Inu Burn Skyrockets 1,068% Amid Market Bleed, Can Bullishness Push Price Above $0.00003 Again? Typically, a surge in a token’s burn rate is largely attributed to community-led initiatives focused on reducing the cryptocurrency’s supply and potentially inducing scarcity. Considering the large size and strong dedication of the Shiba Inu community, it’s not uncommon to see occasional spikes in burn rates. The community has been a strong advocate for token burns, believing that a supply reduction could trigger a price surge for SHIB. Despite the latest burn and substantial decrease in SHIB’s circulating supply, the meme coin’s price has yet to demonstrate any significant upward movement. In fact, Shiba Inu appears to be on a downtrend, as CoinMarketCap reports a 1.6% decline in the last 24 hours and a previous 9.3% drop over the past week. Currently, the price of SHIB is trading at $0.00002, experiencing no recent increases, while its 24-hour trading volume has crashed by 46.33%. Nevertheless, this lack of immediate price action and present bearish conditions does not rule out the potential for a future rally in Shiba Inu. Supporting this possibility of a bull trend driven by heightened token burns, crypto analyst Rananjay Singh commented on the recent 612% spike in the Shiba Inu burn rate on X (formerly Twitter). Singh explained that when a cryptocurrency’s supply declines and demand stays strong, prices tend to increase significantly. Related Reading: Shiba Inu Price To $0.000045? Here Are The Major Support And Resistances To Watch Out For The analyst suggests that increased token burns, upcoming updates in the Shiba Inu ecosystem, and the growing excitement among community members could potentially trigger substantial gains for the meme coin in 2025. What’s Next For The SHIB Price? ‘Shib Spain,’ a popular SHIB supporter on X, has predicted that a massive pump could be on the horizon for the meme coin. The analyst connects Ethereum’s price action with Shiba Inu’s, sharing a detailed chart that showed instances when ETH experienced a price reversal and underwent a significant rally. Although the meme coin was not indicated on the chart, the analyst’s mention likely ties his projected SHIB price pump to an increase in ETH. This suggests that if Ethereum experiences a price surge, altcoins like Shiba Inu could follow suit, potentially sparking a significant uptrend. Featured image from Unsplash, chart from Tradingview.com

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