đ¨đ¨ Shiba Inuâs Burn Rate Skyrockets by 14,570% â Key Insights and Market Outlook đ¨đ¨
Recent Developments
Burn Rate Surge:
279.65 million SHIB tokens burned in the last 24 hours, reducing the circulating supply.
Total burn rate increased by 14,575.02%, according to Shibburn data.
Burn and Supply Metrics
Total Burned Supply:
410.73 trillion SHIB tokens have been removed from circulation so far.
Current Circulating Supply:
Despite these burns, 583.53 trillion tokens remain in circulation.
Market Impact
Boosted Market Confidence:
The increased burn rate has raised investor sentiment, with token scarcity potentially driving up prices.
SHIB Price and Trading Volume:
SHIBâs price increased by 2%, now trading at $0.00001812.
Trading volume surged 31% to $319.74 million.
Open Interest Growth:
Data from CoinGlass shows a 7% rise in open interest, reflecting greater market involvement and confidence.
Outlook: Can SHIB Reach $1?
The combination of increased burns, rising volume, and investor confidence has fueled speculation about SHIBâs potential to reach $1.
While challenges remain, momentum is building, and market participants are closely watching for further developments.
Will SHIB ride this momentum and hit $1?
Stay alertâthe next move could be just around the corner!
#TrumpDeFi #MemeCoinTrending #GrayscaleConsiders35Cryptos #USStockEarningsSeason #BTCUptober
