Shiba Inu, an Ethereum-based meme coin, noted a staggering 1055% surge in its burn rate today. SHIB price contrastingly slips.
STORY HIGHLIGHTS
Shiba Inu community registers the incineration of over 50 million coins, fueling today's burn rate upswing.
Market dynamics stir speculations over SHIB's price action.
Shiba Inu's price slips, coming in opposition to the burn upswing.
In what unfolds as an optimistic event within the cryptocurrency realm, Shiba Inu, the self-proclaimed Dogecoin killer, noted a remarkable surge in its burn rate today, fueling optimism among traders and investors across the global crypto industry. Burn insights unveiled by the meme coin’s tracker revealed a staggering 1055% upswing in SHIB’s burn rate, contrasting to the token’s today’s price action.
Following the token’s topping of $0.00003 again yesterday, today’s fall painted an enigmatic scenario for SHIB’s price action ahead despite the colossal surge in burn rate. Crypto market enthusiasts appear to be extensively eyeing the dog-based meme token, hoping the community’s burning endeavors and recent developments will cushion SHIB’s market dynamics amid the much-awaited ongoing crypto market bull run.
Meanwhile, today’s fall also mirrored the broader market downtrend, as major crypto prices, such as BTC and ETH, tumbled. However, the meme coin’s most prominent rival, Dogecoin, jotted remarkable gains today, defying the broader market trend.
Shiba Inu Burn Stirs Speculations
According to the burn insights revealed by Shibburn, aligning with the 1055% surge in the SHIB burn rate, the meme coin’s community registered the incineration of a whopping 50.90 million coins in the past 24 hours. With this massive amount weighing in, Shiba Inu’s supply again took a blow, declining substantially.
This sparked immense investor optimism as usual market sentiments ride the law of demand and supply, hinting at bolstered prices with a fall in supply. However, Shiba Inu’s price action today conflicted with the optimism birthed by the SHIB burn upswing.
Although the token traded as high as $0.00003147 in the past 24 hours, per CoinMarketcap’s data, its movement as of press time hovered around $0.000030, adding a dash of bearishness despite the burn upsurge. Besides, market dynamics for the token further sketched a speculative portrait.
Shiba Inu Price Dips
As of writing, the Shiba Inu coin’s price noted a 2.15% drop in the past 24 hours and is currently trading at $0.00003035. Contrary to the burn upswing, this drop appears to be riding a wave of on-chain bearish sentiments showcased by traders and investors.
Coinglass data hinted at an 8.23% drop in the token’s open interest, whereas volume in derivatives fell 26.87%. This signaled a reduction in market activity and investor interest in the asset. Further coupled with today’s price decline, it hinted that the selling pressure currently overrides the buying pressure in the market, mirroring the downtrend in price.
However, the RSI, hovering at 59, illustrated that the asset has yet not entered an oversold territory, potentially indicating that prices may rebound or stabilize moving ahead. With the Shiba crypto community’s recent continuous burning, escorted by Shiba Inu’s recent developmental endeavors, a bolstered effect on price may occur shortly ahead.