SHIB Burn Rate Surges 3000%, Can Shiba Inu Coin Reach $0.001?

The renowned dog-themed meme cryptocurrency Shiba Inu once again garnered optimism with a substantial surge in SHIB burn on Tuesday. Burn data streamlined by the community's tracker revealed a whopping 3300% uptick as millions of coins were taken out of the total supply in the past 24 hours. This colossal surge in the burn rate has sparked optimism over Shiba Inu coin's potential to reach $0.001 ahead.

SHIB Burn Boosts Up Over 3000% Anchoring Optimism Amid Advancements.

According to the data revealed by

Shibburn on X dated September 17, the

SHIB burn rate soared 3348% in the

past 24 hours. This surge comes against

the backdrop of 7.8 million coins

destroyed. Meanwhile, weekly data

illustrated 39.37 million SHIB burnt

over the past seven days. Altogether,

recent burn data sparked optimism,

aligning with the law of supply and

demand, as millions of coins were

killed from the total supply.

At press time, the Shiba Inu coin's total supply was evaluated as 589.27 trillion coins. Besides, Lucie, a prominent member of the meme token's community, previously spotlighted crucial aspects of SHIB burn and added to intrigue surrounding the token.

Shiba Inu Coin Market Performance Today.

At the time of reporting, SHIB price illustrated a marginal 0.4% drop in value over the past day, resting at $0.00001329. The coin's 24-hour low and peak were recorded as $0.00001302 and $0.00001345, respectively. Weekly and monthly charts underscore a period of sideways trading for SHIB, down 1.5% and 0.54%, respectively. Current stats show that the Shiba Inu coin awaits a bullish or bearish takeover.

Besides, Coinglass data showcased a roughly 1% jump in the coin's futures OI within the past 24 hours, resting at $24.30 million. Overall, recent price movements and market data have raised uncertain market sentiments on the asset's short-term prospects. Also, the broader crypto market currently faces turbulence ahead of the FOMC, impacting tokens' prices.