Shiba Inu (SHIB), the popular meme-based cryptocurrency, has once again captured the attention of investors with a significant surge in its burn rate. This development has sparked optimism among the community, leading to speculation about potential price increases.
According to Shibburn, a tracking platform, the Shiba Inu burn rate skyrocketed by an astonishing 28,000% in the past 24 hours. This dramatic increase is a result of a massive 96.43 million SHIB tokens being sent to dead wallets, effectively removing them from circulation.
The weekly burn rate has also seen a substantial uptick, totaling 301% at the time of writing. This consistent burning of tokens is reducing the overall supply, which can potentially drive up the price due to increased scarcity.
In addition to the impressive burn rate, Shiba Inu has further solidified its position in the cryptocurrency market with a recent futures listing on the renowned exchange, Kraken. This move has enhanced the token’s accessibility and trading options, attracting new investors and bolstering its overall appeal.
While the recent developments paint a positive picture for Shiba Inu’s future, it’s important to note that the token is currently trading in the red zone. However, the increased burn rate and the Kraken listing could be catalysts for a price rebound in the long term.
Market Analysis
Despite the short-term price decline, several indicators suggest that Shiba Inu’s long-term prospects remain bullish. The open interest (OI) in Shiba Inu futures has increased by 0.44% in the past four hours, indicating growing investor confidence. Additionally, the relative strength index (RSI) stands at 45, suggesting a neutral stance for the token.
While the market sentiment for Shiba Inu is currently mixed, the ongoing burn efforts and the increased investor interest could provide a strong foundation for future growth. As the cryptocurrency market continues to evolve, Shiba Inu’s performance will be closely watched by investors and traders alike.
