Burn Shiba Inu: Burn Rate Increases, Potential for Breakout

Bittime - The crypto market has been shocked again by a dramatic spike in Shiba Inu (SHIB) coin burning. This phenomenon has sparked speculation among investors regarding the potential price increase of the popular meme dog token. 

With the SHIB supply dwindling due to mass burns, many are questioning whether this will be a catalyst for significant price movement. Let's dig deeper into this event and its implications for the future of SHIB.

Dramatic Increase in Burn Rate

The Shiba Inu token (SHIB) saw a significant spike in its burn rate, with a staggering increase of 7300% recorded on July 29. This is equivalent to 2.37 million SHIB tokens being removed from circulation in one day. Although the overall supply of SHIB has been reduced to 589.27 trillion, the price of this token has not reflected this drastic burn.

Price Stagnation Amid Massive Burning

Despite the large burn rate, the price of SHIB remains relatively stagnant. This mismatch between reduced supply and price appreciation fuels speculation and uncertainty among investors. The price of this token even fell by 3.04% to $0.00001673 at the time of writing, which raises questions about the market's perception of this burn event.

Also check out the SHIB price on the Bittime market below: 

Source: Bittime

Technical Analysis and Market Sentiment

Technical analysts have observed a falling wedge pattern on the SHIB price chart, indicating a potential downside trend reversal. This, combined with a recent surge in trading volume and open interest, has created optimism among some investors. However, it is important to approach this analysis with caution, as the crypto market remains highly volatile.

The Way Forward for SHIB

This increase in burning rate is certainly a positive development for SHIB holders. However, the price trajectory of this token will depend on various factors, including overall market sentiment, adoption, and the development of the Shiba Inu ecosystem. Although the current market conditions present both opportunities and challenges, SHIB's future remains uncertain.

Investors should conduct thorough research and consider consulting a financial advisor before making any investment decisions. The cryptocurrency market is highly volatile, and past performance does not reflect future results.

How to Buy Crypto in Bittime

You can buy and sell crypto assets in an easy and safe way through Bittime. Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti. 

To be able to buy crypto assets on Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application. 

Monitor graphic movement Bitcoin (BTC) price, Ethereum (ETH), Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.