The Shiba Inu is making waves after achieving a stunning 1,000% increase in burn rate. Shipburn data He appears. This occurred simultaneously with an approximately 7% increase in the value of the meme coin. Market watchers are investigating what this could mean for SHIB’s future, especially in light of growing confidence in the cryptocurrency sector.
More than 6 million SHIB were burned
The Shiba Inu community’s growing dedication to reducing the token supply is reflected in the recent burn rate. Shipburn statistics show that in the past 24 hours alone, approximately 6.54 million SHIB tokens were burned. Typically, this type of supply chain break indicates a positive trend.
Such supply reductions sometimes indicate an upside. It seems like people in the SHIB community are rallying for this cause, hoping to raise the price of the token. It’s a good moment to buy altcoins now before the next big rally, according to analyst Alan Santana, who recently noted that the market is nearing its final buildup for 2024.
#Alternative currencies
The Shiba Inu’s long-term bull market accumulation zone will become active
As we get closer and closer to 2025, the altcoin market is preparing to enter the final accumulation phase of 2024. This will be the last opportunity to buy at low prices before the main year of 2025… pic.twitter.com/L2mPYvEyhr
– Alan Santana (@lamatrades1111) October 2, 2024
Burn rate increases local support
Last week saw approximately 26.63 million tokens burned. Investors are feeling optimistic as a result of this level of activity. Since the initial offering, 410.73 trillion SHIB tokens have been destroyed so far. The volume of tokens in circulation, at 583.51 trillion, is still large.
The SHIB community remains optimistic that the meme coin will exceed expectations and perform well in the coming weeks or months. Santana’s assessment suggests that the current weak market, especially the growing unrest in the Middle East, may cause some disruption. However, investors should not worry too much because cryptocurrencies can sometimes bring big surprises.
Many people are watching this closely as the Shiba Inu community works together to limit the supply. Does the rising price of SHIB have anything to do with the current burn rush? Investors are holding their breath and hoping for a breakout as 2025 approaches.
Shiba Inu price movement
The Shiba Inu is currently hovering at $0.00001594, with the cryptocurrency down 1.40% from its price the previous day and also falling 5.40% in the past week. However, about $784 million was traded in a 24-hour period. Although prices have seen huge fluctuations, this trading volume indicates that the community is still active and enthusiastic.
Featured image from Pexels, chart from TradingView
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