Shiba Inu Burn Shoots Over 28,000%, SHIB Price To Pump Ahead?
The Shiba Inu (SHIB) meme-themed cryptocurrency has reignited global enthusiasm among traders and investors. Today, the token’s burn rate soared by an incredible 28,000%, fueling a highly bullish sentiment about SHIB’s future price movements. Additionally, SHIB recently achieved a significant milestone with a futures listing on a prominent crypto exchange, further boosting investor confidence in the broader market.
Shiba Inu Burn Rate Soars Over 28,000%, Boosting Market Optimism
Today, August 30, data from the tracker Shibbrun on X reveals that Shiba Inu’s burn rate has surged by an astounding 28,145% in the last 24 hours, largely due to the incineration of 96.43 million SHIB tokens.
The weekly burn rate has also jumped by 301%, further fueling positive sentiment towards the token. The SHIB community reported that 172.99 million tokens were burned over the past week.
As a result, Shiba Inu’s total supply has decreased to 589.27 trillion SHIB, reflecting the impact of these substantial burns. This reduction in supply has contributed to a bullish market outlook, in line with the principles of supply and demand.
Additionally, Shiba Inu’s recent futures listing on Kraken, a major crypto exchange, has further increased investor interest by providing more trading flexibility and accessibility.
While these developments create a positive outlook for SHIB’s future price action, it is important to note that the token is currently trading in the red zone today.
SHIB Price Dips Today—What’s the Outlook?
Currently, Shiba Inu (SHIB) has fallen by 0.7% over the past 24 hours, trading at $0.00001393. The token’s intraday range has been between $0.00001389 and $0.00001452. This decline reflects the broader market trend, with Bitcoin and other major cryptocurrencies also experiencing losses today.
On the other hand, Coinglass data reveals a 0.44% increase in Shiba Inu futures open interest over the past 4 hours, and a 0.06% rise in the 24-hour chart, bringing the open interest to $28.44 million. However, SHIB’s derivatives volume has dropped by 15.33% to $44.48 million, leading to some speculation among traders.
The relative strength index (RSI) is currently at 45, suggesting a neutral market sentiment for SHIB. While the token may encounter short-term volatility, the long-term outlook remains positive, supported by recent burn activities and other favorable factors.
