Shiba Inu (SHIB) price has adjusted to the market decline in recent days, falling to $0.000016. However, the massive 7300% increase in SHIB's burn rate has raised optimistic expectations about the token's future. The destruction of millions of SHIBs in the last 24 hours has led to speculation that the price could rise to $0.0000377 in August.
Price and Breeding Movements of Shiba Inu (SHIB)
SHIB's price has dropped to $0.000016 due to the current market decline. However, the impressive 7300% increase in SHIB's burn rate seems to have increased optimism about the token's future movements. According to Shibburn data, millions of SHIBs have been burned in the last 24 hours. This ongoing burn has also triggered market speculation that the SHIB price could reach $0.0000377 in August.
Millions of SHIBs Destroyed
According to Shibburn data, on July 29, the SHIB burn rate increased by 7334.38% in the last 24 hours and 2.37 million coins were destroyed. As a result of these burnings, the total supply of Shiba Inu dropped to 589.27 trillion SHIB. Additionally, it was reported that 70.44 million SHIBs were burned last week. However, despite these developments, SHIB's price movements follow a horizontal course and there is a loss of momentum.
It is noteworthy that despite the burning of 140 million SHIB last week, the coin did not gain any upward momentum. Crypto market participants question the fact that the price does not follow the expected dynamics despite the decrease in supply. According to current data, the price of the cryptocurrency dropped by 3.04% to $0.00001673. The bottom and top points of the price within 24 hours were recorded as 0.00001653 and 0.00001729 dollars, respectively.
Concern and Optimism Among Investors
Despite the impressive burn in recent days, the price of the meme coin has fallen from a peak of $0.00002 on July 16 to $0.000016 today. This situation creates concern among investors. However, according to the latest SHIB price analysis, the coin is moving in a downtrend. This movement fluctuates between two trend lines in the falling fan pattern.
Additionally, SHIB's futures open interest increased by 0.81% to $41.56 million, according to Coinglass data. This suggests that investor interest around the asset has increased slightly. Additionally, there was a 42.52% increase in derivatives volume, reaching $68.79 million. These data created optimism among crypto market participants, despite the recent weak performance.
According to the Shiba Inu price prediction, the weekly chart shows that a round bottom formation has formed. This reinforces that the downtrend is nearing its bottom, setting the stage for renewed buying interest. With the increase in the kill rate, current market data paints an optimistic picture for the future of the Shiba Inu, implying that the set price target of $0.0000377 is achievable in August.
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