SHIB Burn Rate Soars 4100%! Will the $0.0005 Target Be Realized? (26 Nov 2024)
2024-11-26
Bittime - The surge in the SHIB burn rate has fueled optimism among investors, as seen in the recent rise in Shiba Inu prices.
Strikingly, the burn rate has surged over 4,100% today, strengthening market sentiment amidst the already existing bullish momentum in the overall crypto market.
Additionally, leading analysts also predict a potential breakout for price SHIB, hinting at a possible rally towards $0.0005.
Read too Shiba Inu Burns More Tokens, What is the Price Prediction?
SHIB Burn Rate Surges 4100% Fueling Market Optimism
According to the latest data from Shibburn, the SHIB burn rate increased by 4106.82% today, attracting great attention from investors.
The Shiba Inu burn tracker shows that over 171.28 million SHIB tokens have been burned in the last 24 hours, signaling a strong rally ahead.
The highest burn was recorded by the wallet address “0xa65…55347”, which burned 169.28 million tokens in the latest transaction.
Despite the spike in the 24-hour time span, the weekly burn rate for Shiba Inu is still above 68%, with approximately 195.05 million tokens destroyed.
SHIB Burning Frenzy
With this latest burning frenzy, a total of 410.73 trillion tokens have been burned from the initial supply, while the circulating supply currently stands at 589.21 trillion.
This token burn indicates a potential rally for the asset.
In general, token burning usually reduces the overall supply in the market, which in turn can increase the price of the asset.
Read too Harga SHIBA INU (SHIB)
Rally Shiba Inu Menuju $0,0005?
SHIB price today is up almost 10% and is trading at $0.00002733. The token's single-day trading volume jumped 127% to $3.34 billion, and the crypto hit a 24-hour high of $0.00002794.
Additionally, Shiba Inu Futures Open Interest increased 14% to $114.35 million, indicating the market's growing confidence in this asset.
With the increasing burn rate of SHIB, the latest Shiba Inu price analysis shows a pattern indicating that this crypto could “double” its value in the near future.
This reflects high optimism among investors towards the digital asset space, especially in the meme coin sector.
Read too Shiba Inu Token Burning Amount Increases by Almost 15,000%
The latest on-chain data also suggests that leading meme coins such as DOGE, SHIB, PEPE, and others may continue to rally in the next few days.
The analysis notes that investors have not yet fully entered the crypto market, indicating the potential for a further rally.
Conclusion
Adding to the positive sentiment, leading crypto market analyst, Ali Martinez, also shared a bullish prediction.
How to Buy Crypto on Bittime
Want to trade sell buy Bitcoins and crypto investment easily? Bittime is here to help! As an Indonesian crypto exchange officially registered with Bappebti, Bittime ensures every transaction is safe and fast.
Start with registration and identity verification, then make a minimum deposit of IDR 10,000. After that, you can immediately buy your favorite digital assets!
Check the exchange rate BTC to IDR, ETH to IDR, SOL to IDR and other crypto assets to find out today's crypto market trends in real-time on Bittime.
Also, visit the Bittime Blog for interesting updates and educational information about the crypto world. Find reliable articles about Web3, blockchain technology, and digital asset investment tips designed to enrich your crypto knowledge.
Reference:
SHIB Burn Rate Rockets 4100%. https://coingape.com/shib-burn-rate-rockets-4100-analysts-target-0-0005-on-bullish-patterns-formation. Accessed November 26, 2024
Author: IN
Disclaimer: The views expressed belong exclusively to the author and do not reflect the views of this platform. This platform and its affiliates disclaim any responsibility for the accuracy or suitability of the information provided. It is for informational purposes only and not intended as financial or investment advice.
