Shiba Inu (SHIB) burn rate spikes by 6,223%, boosting market sentiment as Minotaurus (MTAUR) targets $1 milestone in crypto gaming.

Shiba Inu (SHIB) has drawn attention with its remarkable burn rate spike, generating optimism among the cryptocurrency community. Alongside this development, a newly emerging cryptocurrency, Minotaurus (MTAUR), is gaining traction in the market, positioning itself as a potential competitor that could achieve the 1 USDT milestone before SHIB.

🔶Shiba Inu’s Burn Rate Surge Drives Positive Market Sentiments

According to the Shibburn tracker, the burn rate of SHIB spiked by 6,223% within a single day on November 19. In this period, around 290,321 tokens were burned which means they were taken out of the circulating supply. In the same week, the community removed from circulation approximately 135 million SHIB tokens and this has led to a decrease in supply.

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The token’s total supply is still 589.26 trillion and the market shows signs of increased confidence.

https://twitter.com/shibburn/status/1858374626297946310

This was concurrent with a 4% intraday rise in the price of SHIB, which was priced at 0.00002511 USDT at the time of reporting with regards to the burn rate spike. Due to lower supply, the sentiment turned bullish, which could pave the way for price increase with a potential breakout to 0.3630 USDT.

🔶SHIB’s Long Path to $1 Amid Market Challenges

While SHIB has witnessed some consolidation and bounce back, holders are not optimistic about touching the 1 USDT mark. This price level can only be achieved if the market capitalization of SHIB rises significantly, something that may not be easy considering the current total supply of SHIBs.

Nonetheless, technical indicators like the breakout from a falling wedge pattern have fueled expectations for further price increases. March 2024 can be a potential milestone for the token, with price targets dependent on maintaining key support and resistance zones.

Increased transaction volume and rising interest in SHIB futures contracts, currently valued at $93 million, further suggest sustained enthusiasm among holders.#BitcoinStrategy