The Shiba Inu (SHIB) burn rate has skyrocketed by an astonishing 28,000% today, igniting investor excitement and anticipation of a potential price surge for the popular meme cryptocurrency. This sudden spike in the burn rate has led to heightened bullish sentiment among traders and investors globally. Additionally, SHIB recently achieved a significant milestone with a futures listing on a major crypto exchange, further boosting investor confidence.
Shiba Inu Burn Rate Rockets Over 28,000%, Fueling Market Optimism
According to data from the Shibburn tracker on X (formerly Twitter) on August 30, Shiba Inu's burn rate surged by an incredible 28,145% in the last 24 hours. This dramatic increase is largely due to the burning of 96.43 million SHIB tokens during this period.
Furthermore, the weekly burn rate saw a significant rise, totaling a 301% increase at the time of writing, further fueling optimism within the SHIB community. In the past seven days, 172.99 million SHIB tokens were burned, reducing the total supply to 589.27 trillion SHIB. As the supply diminishes, market sentiment has turned bullish, driven by the basic economic principle of supply and demand.
In addition to the burn rate surge, Shiba Inu recently secured a futures listing on Kraken, one of the leading crypto exchanges. This development enhances the token's appeal to investors by providing greater trading flexibility and accessibility.
Overall, these recent events paint a promising picture for SHIB's price action in the near future, even though the token is currently trading in the red.
SHIB Price Dips Today, But Will It Rebound?
At the time of writing, SHIB's price has dipped by 0.7% in the past 24 hours, trading at $0.00001393. The token's intraday low and high were recorded at $0.00001389 and $0.00001452, respectively. This decline mirrors the broader market trend, as Bitcoin and other major cryptocurrencies also experienced a downturn today.
However, data from Coinglass shows a 0.44% increase in Shiba Inu futures open interest (OI) over the past 4 hours, with a 0.06% rise in the 24-hour chart, bringing the OI to $28.44 million. Despite this, the token's derivatives volume fell by 15.33% to $44.48 million, raising questions among market participants.
Meanwhile, the Relative Strength Index (RSI) for SHIB stands at 45, indicating a neutral position for the asset. While short-term volatility may be expected, the long-term outlook remains optimistic, bolstered by the ongoing burn activity.
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