This week, Shiba Inu saw a significant burning of 175 million coins. However, despite this, SHIB’s price for the week showed a correction. Now, the question arises: Could $0.00003 be a possibility?
Shiba Inu’s weekly burn surged by over 280%, with 175 million coins destroyed. Despite this substantial token burn, SHIB experienced a price correction over the past week.
Shiba Inu’s Token Burning Spree: Hope Amidst Price Correction
Amidst a weekly price correction observed in Shiba Inu (SHIB), the meme coin’s community celebrates the destruction of a staggering 175 million tokens, injecting optimism despite its downward momentum. Insights from the token’s burn tracker reveal a precise burn of 174.93 million SHIB tokens over the past week.
This colossal reduction in SHIB’s market supply resulted in a remarkable 281% surge in the weekly burn rate, potentially alleviating further downward pressure on the dog-themed meme token. Let’s delve deeper into Shiba Inu’s token-burning activities, recent developments, and price fluctuations over the past week, fueling speculations about the potential for the coin to reach $0.00003 in the near future.
Shiba Inu’s Burning Momentum and Market Dynamics
According to Shibburn, Shiba Inu’s burn tracker, there’s been a remarkable 281% surge in the weekly burn rate, with today witnessing a notable 71.55% increase in SHIB burn. Over the past 24 hours, 42.76 million tokens have been burnt, showcasing the meme coin’s strategy to reduce its supply and potentially prevent further price dips.
Currently, the token’s circulating supply stands at 582.94 trillion SHIB, while the total supply matches at 582.94 trillion coins, with 410.72 trillion tokens burnt so far. Despite this substantial reduction in supply, Shiba Inu has yet to embark on the anticipated parabolic uptrend.
Shiba Inu began the year optimistically, rising from a low of $0.000008 to a peak of $0.00003 in March, aligning with significant gains in the meme coin sector, as highlighted by VanEck’s meme coin index. Additionally, SHIB benefited from its ecosystem developments.
While the community’s ongoing token burn mechanism continues to eliminate significant amounts of SHIB, various upgrades aimed at enhancing tokenomics have been proposed. However, after reaching the $0.00003 peak, SHIB’s price movement has become relatively stagnant, sparking speculation among investors about its future trajectory.
SHIB’s Price Volatility Amidst Market Metrics
At the time of writing, SHIB’s price indicated a pullback, declining by 3.59% to $0.00002255, with its 24-hour range fluctuating between lows of $0.00002222 and highs of $0.00002358. Concurrently, the token’s market cap experienced a 3.46% dip to $13.29 billion, while the 24-hour trading volume slipped 2.18% to $374.93 million.
This short-term price movement contrasts with recent community developments and burns. Despite this, Coinglass data reveals a 0.36% increase in SHIB’s open interest, reaching $59.74 million, along with a 3.33% rise in derivatives volume to $114.26 million.
Collectively, market data highlights SHIB’s current volatility. Focusing on recent burn trends, if market recovery continues over a broader timeframe, the meme crypto could potentially reach the $0.00003 price level.
However, the Relative Strength Index (RSI) has continued to decline, now hovering near 42. Although this suggests that the token is neither overbought nor oversold, it leans towards more downside pressure in the market.
Nevertheless, this year’s key event, BTC’s halving, and its aftermath are anticipated to support SHIB in the long run. As bulls and bears engage in a battle over Shiba Inu, crypto market participants closely monitor the token.
⚠️Disclaimer
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