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Shiba Inu (SHIB), a well-known meme coin rumored to be the self-proclaimed Dogecoin killer, sparked unbridled jubilation among crypto market traders and investors today, as its burn rate increased by around 2200%.
This rise in the SHIB burn rate, which coincided with the token's representation of a substantial market uptrend, has sparked a bullish fire among crypto market aficionados, fueling conjecture of a rising price trajectory in the future, as per Coingape.
Meanwhile, SHIB was trading in the green as of press time, but the token had experienced a couple of small falls into the red throughout the previous day. Nonetheless, with a massive increase in the burn rate of the dog-based meme coin, compounded by a slew of optimistic indicators, SHIB gleamed with hope today, April 24.
Crypto market aficionados anticipate increased price activity for SHIB despite recent sideways trading against the $0.000027 mark.
Shiba Inu Burn Rate Skyrockets, Boosting Market Dynamics as Supply Decreases
According to Shibburn data, the Shiba Inu burn rate increased by 2211.89% in the last 24 hours, as 1.84 million coins were burnt. This is a bullish occurrence because SHIB's supply deals with the blow, which jacks up the token's market dynamics.
Intriguingly, the Shiba crypto community has seen the destruction of a remarkable 410.726 trillion SHIB to date, mostly due to the meme coin's burn mechanism. In line with this, the current circulating quantity is estimated to be 582.86 trillion SHIB, highlighting the meme coin's revolutionary cryptographic effort to eliminate SHIB's surplus supply, increasing the token's demand and price.
As of press time, SHIB was trading in the green, with on-chain data adding to its bullish cloud.
Shiba Inu Sees Uptick in Trading Activity and Investor Interest, Hinting at Bullish Market Outlook
As of this writing, the Shiba Inu token has increased by 0.92% in the previous 24 hours and is currently trading at $0.00002704. The token's 24-hour low and high are $0.00002629 and $0.00002796, respectively, indicating a sideways trading phase, as previously stated.
However, combined with the token's price increase today, the derivatives data confirmed a significant market rise for SHIB. Notably, Coinglass statistics showed that the meme coin's open interest increased by 9.53%, while derivatives volume increased by 29.04%. This indicated an increase in the number of investors interested in the asset, reinforcing the token's bullish market position.
Meanwhile, research by CoinGape Media highlighted critical market factors for SHIB, demonstrating that if bulls triumph in the market right now, the token may reach $0.000036 ahead. Another source highlights a big on-chain whale transaction for Shiba Inu between unknown wallets today, which aligns with investors' renewed interest in the commodity.
This predicts a positive future for Shiba Inu, yet crypto market fans remain cautious due to the volatile nature of the crypto arena.
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