On Monday, the burn rate of Shiba Inu suddenly surged by 6200%, which made everyone very happy. This was because the number of tokens of this cryptocurrency in the market suddenly decreased a lot, and investors began to ponder what impact this would have on the price. At that moment, the price of SHIB also skyrocketed, and this good news filled everyone with hope for the future.
According to data provided by a tracker called Shibburn on November 18, just the day before, 290,321 Shiba Inu tokens were burned, and the burn rate increased by 6223%. With so many tokens suddenly gone, many people naturally began to pay attention to this cryptocurrency, especially those who like to invest in popular meme tokens.
Currently, the total number of Shiba Inu tokens is approximately 589.26 trillion, but it has decreased by 135 million in the past week. Because the supply has decreased, people believe that the price of this token might rise, which is the relationship between supply and demand.
Speaking of price, the price of SHIB had already increased by 4% at the time of reporting, now at $0.00002511 each. During this day, its lowest price was $0.00002403, and the highest price was $0.00002563. The trend of price increase is consistent with the trend of burn rate increase.
Additionally, a website called Coinglass stated that SHIB's futures open interest rose by 6%, now totaling $93 million. This indicates that people are very interested in this token and believe it might continue to rise in the future.
Still, the same saying goes, in a bull market, if you don't know what to do, click on my avatar, find me, contract password, free sharing. I need fans, and you need references. Guessing is not as good as following.
