The Shiba Inu token burn increase of 1837% has stimulated market optimism, resulting in a 14% increase in the price of SHIB within 24 hours.
The Shiba Inu (SHIB) token has experienced a remarkable 65% price increase over the past week, contributing to the market’s excitement. SHIB’s token burn rate has experienced a significant increase of 1837% within a single day, an intriguing development that has contributed to this surge.
The token burn mechanism of Shiba Inu is intended to mitigate the volatility of the token’s price due to its extensive supply. It is important to note that a more significant burn restricts supply and raises the prospect of a sustained price increase. The Shibburn platform’s data indicates that the overall supply of SHIB tokens has been reduced by approximately 500 million due to the significant burn within the past 24 hours.
Market participants are becoming more optimistic about potential price increases, citing supply-demand dynamics, as SHIB’s circulating supply has decreased to approximately 589.26 trillion. More than 615 million SHIB tokens were burned in the past week alone.
Shiba Inu Momentum Revived
SHIB occupies the tenth position on the list of the largest cryptocurrencies by market capitalization. Its market capitalization has increased by over 40% in the past month, reaching $14.7 billion. In the most recent data, SHIB’s price has increased by 14% as the week commences, reaching an intraday high of $0.00002782 and a current price of $0.00002605. The asset’s 24-hour trading volume also increased by 245%, reaching $6.32 billion.
New developments, including Shiba Inu in Robinhood Crypto EU, have further buoyed market sentiment. This feature now enables users in Europe to transfer SHIB.
Traders think there is sufficient room for a repeat run despite SHIB’s all-time high of $0.00008845 in October 2021. This is due to the favorable market environment and the victory of crypto-friendly Donald Trump in the US presidential elections.
The crypto community anticipates this bullish trend will persist, so the rally has occurred. The combination of a reduced supply and increased demand has established the potential for growth in SHIB. Some analysts have predicted gains of up to 300% if momentum continues.
Additionally, Ethereum has finally overcome its stubborn resistance levels and has traded at a level that is 30% higher than it was in the previous week. This has further increased investor confidence that an altcoin season has commenced.
For example, the market value of the most popular meme coins has experienced a significant increase. The meme coin market has increased by approximately 80% in the past month, as indicated by the data from CoinMarketCap, and currently stands at $88.71 billion. Dogecoin (DOGE), the most significant meme token, has also experienced an increase in value, presently trading at 85% above the weekly candle.