Shiba Inu (SHIB) has once again become the center of attention among global crypto investors. In a notable incident on Wednesday, the rate of coin burn increased significantly. According to the latest data, approximately 27 million SHIB have been removed from circulation. This development has raised expectations for the future of the meme coin.
Rapid Increase in Burn Rate Renews Confidence
As of October 23, Shiba Inu's burn rate has increased by 6750% in the past 24 hours. In the process, 27.10 million coins have been removed from the circulating supply. The total circulating SHIB supply is currently around 589.26 trillion. This massive burn has created a positive atmosphere in the market.
Weekly data shows that approximately 58 million coins have been withdrawn from circulation. As supply decreases, the expectation that the token will gain value in the future increases according to the law of demand. However, interest in the meme coin is expected to increase even more with the latest developments.
$0.01 Target for SHIB
However, the SHIB price has been volatile today, falling by around 2.5% to $0.00001806. This decline was in line with the general market trend and had a negative impact in the short term despite the increase in the burn rate.
Lucie, Shiba Inu's marketing leader, is optimistic. "I believe in this project since 2021, I am sure that SHIB will reach its $0.01 target," she said.
The ongoing burns keep hopes alive about SHIBâs long-term potential.
On the other hand, Coinglass data shows that SHIB futures open interest decreased by 5.9% to $52.65 million. Also, derivatives volume decreased by 22% to $106.71 million. While this data is consistent with the price decline, the overall picture continues to give positive signals for the future.
The developments in the Shiba Inu ecosystem are also noteworthy. The increase in activity on Shibarium shows that the meme coin ecosystem is growing robustly.
The decreasing supply of Shiba Inu and the innovations in its ecosystem support the tokenâs potential to gain value in the future, which is a promising signal for investors. While volatility continues in the crypto market, the increase in burn rate and community support raises hopes that SHIB can be successful in the long term.
