Today, the destruction rate of Shiba Inu Coin increased by more than 7,300%, triggering optimistic speculation in the market that the price of Shiba Inu Coin may rise.
SHIB’s price retreated to the $0.000016 mark today, in sync with the broader market’s downward trend. However, a 7,300% increase in SHIB’s burn rate seems to have ignited optimism about the token’s future performance. Interestingly, millions of tokens were destroyed in the past 24 hours. Meanwhile, continued destruction has sparked speculation that SHIB’s price could reach its highest target of $0.0000377 in August.
Shiba Inu records burning of millions of dogs
According to insights collated by tracker Shib on July 29, the destruction rate surged by 7334.38% in the past 24 hours, destroying 2.37 million SHIBs. After this destruction, the total supply of Shiba Inu Coin was reduced to 589.27 trillion SHIBs.
Meanwhile, the dog-themed meme coin destroyed 70.44 million SHIB in the past seven days. However, during this period, SHIB’s price action has been the opposite, moving sideways with weakening momentum.
Interestingly, even last week witnessed sales of over 140 million SHIB, despite this, the token failed to gain upward momentum. Crypto market participants speculated that despite the reduction in supply, the price went against normal market dynamics and showed volatility.
SHIB Price Analysis
Meanwhile, the Shiba Inu price is down 3.04% to $0.00001673 at press time. Its 24-hour minimum and maximum prices are $0.00001653 and $0.00001729, respectively.
Despite the notable burn record in recent days, the price of Shiba Inu token has fallen from a high of $0.00002 on July 16 to $0.000016 today, sparking market concerns. However, recently the token is experiencing a steady downward trend, fluctuating between the two converging trendlines of a descending wedge pattern.
This suggests that the downtrend has matured, paving the way for a potential rise.
Shib coin price prediction shows that the weekly timeframe chart highlights the formation of a rounding bottom pattern. This further solidifies the bottoming-out downside sentiment, paving the way for renewed buying interest. Coupled with the aforementioned rising burn rate, current market data paints a bullish picture for Shib’s future, with a focused potential price target of $0.0000377 being scalable in August.
(Personal opinion, not a recommendation)
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