🔥🔥🔥Shiba Inu Coin: SHIB Burn Shoots 4000%, Signals Price Recovery Ahead?
In an optimistic wind, amid the recent remarkable price corrections witnessed in the crypto realm, #ShibaInu , an Ethereum-based meme coin, caught the attention of investors today, April 3, as its burn rate indicated a rapid rise. The insights revealed by Meme coin's burn tracker have highlighted a nearly 4000% increase in the SHIB burn rate over the past 24 hours, adding a tone of optimism for the #SHIB price to rise.
By the way, SHIB traded in the red today, comparing the sentiment born with the increase in the Deceleration rate. As mentioned above, the token recorded a significant drop to the $0.000026 mark, reflecting the results of the crypto market corrections. However, the 4000% increase in the burn rate of the meme coin seems to reflect a frenzy in the cryptocurrency landscape, leading to speculation on strengthened price actions ahead.
Shiba Inu's 4k% Growth Boost Ignites Investor Enthusiasm
According to the information revealed by Shibburn, a 4093% increase in the combustion rate is primarily attributed to the 154.99 million shibs destroyed in the last 24 hours. Also, meme coin's community has recorded the burning of 312.03 million shib over the past seven days, which contributes to the optimistic whisper of the token in the market.
Despite the fact that the price registered a significant setback and reached $ 0.000026, the aforementioned increase in the SHIB burn added a tone of optimism to the dog-based meme token.
Shiba Inu Is Slipping
At the time of writing, the price of the Shiba Inu token has fallen by 0.24% in the last 24 hours and is currently trading at $0.00002689. According to Coinglass' data, meme coin showed a downward trend today due to a 1.55% decrease in open interest and an 11.96% decrease in derivative volume, indicating that investors' interest in the asset and market participation are decreasing.
