Shiba Inu burn rate surged 33,000%, reducing its supply by 1.88 trillion SHIB and boosting its price by over 20% in 24 hours.
Dogecoin and PEPE followed SHIB’s lead, with prices rising by 11% and 18%, respectively, reflecting bullish sentiment in the meme coin sector.
Shiba Inu futures open interest grew 55% to $65.14M, and derivatives trading volume surged 338% to $679.77M amid rising market interest.
Shiba Inu saw a dramatic increase in its burn rate, recording a massive 33,000% surge within a single day. On September 27, the Shiba Inu burn mechanism incinerated over 1.88 trillion coins, which drastically reduced the overall supply.
Consequently, this significant reduction in supply had an immediate impact on the market, sparking a price surge of over 20% for the SHIB token within the past 24 hours. Consequently, the sharp increase in the burn rate and subsequent price rise have fueled optimism among investors.
According to data from the tracker Shibburn, the total supply of Shiba Inu has dropped significantly to approximately 589.26 trillion SHIB. The burn activity, led by an unknown address responsible for shifting 1.87 billion SHIB to a burn address, played a critical role in the token's surge. These actions have further reinforced the market’s belief in SHIB’s long-term potential, especially as the coin continues to make progress in reducing its circulating supply.
https://twitter.com/shibburn/status/1839515943241646216 Meme Coins Follow the Upward Trend
Notably, Shiba Inu's remarkable performance was not isolated, as the broader meme coin market reflected similar gains. Dogecoin, another popular meme coin, also rose by 11% within the same 24-hour period, while PEPE gained 18%.
Hence, these concurrent gains suggest a growing bullish sentiment within the meme coin sector. With Shiba Inu leading the charge, the overall market for meme coins appears to be in a favorable position, benefiting from increased investor confidence and speculative interest.
Furthermore, Shiba Inu’s burn rate surge and its influence on the token’s price underscore the importance of such mechanisms in influencing market dynamics. The token’s 21% price jump to $0.00001932 indicates that investors are responding positively to the burn, expecting it to have a lasting impact on the coin’s future trajectory. The market-wide optimism is further reflected in the trading volume for Shiba Inu, which spiked by 223%, reaching over $1.4 billion in intraday trading.
Futures and Derivatives See High Interest
Notably, the recent developments have also triggered heightened interest in Shiba Inu futures. Data from Coinglass shows that Shiba Inu futures open interest saw a 55% increase, totaling $65.14 million.
Moreover, the derivatives market experienced a significant upsurge in trading volume, rising by 338% to reach $679.77 million. These numbers point to an increased level of speculation and confidence in the token’s near-term performance.
Therefore, the substantial growth in futures and derivatives trading, combined with the surge in SHIB’s price and burn rate, suggests that Shiba Inu is on an upward trend. The meme coin has emerged as one of the top performers in the market, attracting attention from both retail and institutional investors. The combination of strong burn activity, robust trading volume, and increased futures interest hints at continued bullish momentum for Shiba Inu.
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