The Shiba Inu dog-themed meme coin increased its burn rate today, exceeding 800% with over 100 million coins burned. SHIB Price Drops Today, Is Rally Ahead?
The Shiba Inu meme cryptocurrency has received a lot of investor excitement today, further fueling the rise in its burn rate. Notably, insights from the Sheeburn tracker show that the Sheba Inu burn rate has increased by more than 800% in the past 24 hours, burning 100 million tokens.
This chronicle puts a shot of market optimism into the dog-themed meme coin as supply continues to suffer. Meanwhile, a few bullish factors further fuel the fire of bullish optimism going forward for Shiba Inu.
Burn rate spikes amid growing SHIB adoption
The increase in Shiba Inu burn rate comes with another development that indicates the growing adoption of SHIB in the crypto realm.
Amazingly, the crypto space saw the first time a meme coin was used to pay for a complete web3 food delivery order (SHIB), per The Shib Magazine. This marks the mainstream adoption of SHIB as a payment method.
On the other hand, Shiburn’s data highlighted an 859.83% increase in burn rate, which is mainly attributed to the destruction of 107.08 SHIB tokens during the previous day. A total of 410.72 trillion SHIB have been taken out of supply till date.
However, despite burning a significant number of coins, SHIB has traded sluggishly over the past 24 hours, leading to speculation about its future movements.
SHIB price dropped
SHIB price chart showed a decrease of 0.27% since yesterday and is currently trading at $0.00002166. Weekly charts indicate that Shiba Inu corrected 14.20%.
However, the hourly time frame chart shows that the token gained 0.41%, which coincides with an increase in the burn rate. Nonetheless, traders and investors remain cautious due to the extremely turbulent nature of the crypto landscape.
Data from Etherscan shows a significant increase in Shiba Inu holders, totaling 1.39 million as of today, June 14. Despite the recent price correction, this is a silver lining for the token, pointing to a potential buying strategy among market participants.
However, the derivatives market saw a significant drop in trading activity and investor interest in the asset, coinciding with the decline in value.
SHIB Futures OI saw a decline of 1.68%, while derivatives volume fell by 64.37%. In addition, the RSI also moved around 38, justifying SHIB’s downside.
However, as the burn rate continues to rise, due to SHIB’s increasing adoption and increase in token holders, market sentiment suggests that a potential bullish price reversal awaits. It’s worth noting that even though talk of BTC’s post-halving rally has cooled, market experts believe it’s yet to go further, driving altcoins higher.
