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Shiba Inu, the meme coin heavyweight, experiences a 300% surge in burn rate, eliminating nearly 100 million SHIB tokens from circulation. This development aligns with a recent uptick in SHIB’s price.
Shiba Inu’s Burn Rate Skyrockets, Fueling Speculation Amid Market Recovery and Shibarium Development
Shiba Inu, the second-largest meme coin by total market capitalization, saw yet another significant burn rate. Data shows it has increased by more than 300% in the last 24 hours, removing nearly 100 million SHIB tokens from circulation.
As CryptoPotato reported, the burn rate increased significantly last month, with over 15.5 billion assets destroyed.
The ultimate goal is to reduce the maximum supply of 999,982,362,289,250 SHIB tokens, making them scarce and potentially valuable over time.
It is worth noting that the price of Shiba Inu has returned to green territory in the last few hours, rising by approximately 4% daily. The increase coincides with the market's overall recovery, with Bitcoin (BTC) reaching $72,000 and Ethereum (ETH) reclaiming $3,600.
The development of Shibarium, a layer-2 blockchain solution, could also positively impact SHIB value.
The network, officially launched last summer, aims to help Shiba Inu ecosystem developers create decentralized applications (dApps) such as DeFi projects, non-fungible tokens (NFTs), and gaming applications.
It also aims to improve the user experience by increasing transaction throughput and lowering costs, making it an appealing platform for cryptocurrency developers and investors.
Shibarium reached another milestone earlier this month, surpassing 4 million total blocks.
Shiba Inu’s Potential Bull Run: Trillions Moved, Price Volatility Expected
Meanwhile, 1.44 trillion SHIB were moved across the network in just one day. This could indicate that SHIB is preparing for a surge in volatility and will eventually show bullish market performance.
Crypto enthusiasts have seen many SHIBs go to various entities, including crypto exchanges and wallets, U.Today reported. For example, a large portion went to Robinhood and Coinbase. When we see this much SHIB moving, it could indicate that more people are preparing to buy or sell large amounts of it, which is a direct source of volatility. This can cause the price to rise or fall quickly.
Now let's talk about SHIB's price. It appears that SHIB and the entire crypto market attempt to turn things around following a correction. The current price of SHIB is just above support at $0.000027. This is critical because the only level can keep SHIB close to $0.00003. If the price remains above this level, it may begin approaching the year's high.
The next major test, or "resistance," for SHIB's price is $0.00002987. If SHIB's price rises above this level, the next stop could be $0.00003200. However, if it fails to stay above $0.00002707, we may see a test of the $0.00002 price level, a critical price drop from which SHIB may be unable to recover.
Looking ahead, if SHIB continues to perform well and the overall crypto market remains bullish, the price of SHIB may rise, as many have hoped. It appears that SHIB is stretching in preparation for another run.
Photo: Microsoft Bing
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