SHIBA is sure to soar in the future, this is what you have to watch out for.
In the latest crypto news, the Shiba Inu (SHIB ) token burn rate increased by 16,600%, with over 21 million SHIB coins burned.
This significant burn was driven by a single wallet address and multiple community transactions, reducing the total supply of SHIB. However, as shown in today's CNF update on YouTube, despite the recent price decline, this burn has the potential to cause a price rebound due to reduced supply.
However, derived data tells a different story. Coinglass reported a 13.95% drop in open interest in Shiba Inu futures, indicating waning interest from derivatives traders. Additionally, despite increasing long-term liquidations, the absence of significant short-term liquidations suggests the potential for further declines due to the ongoing selling.
