Shiba Inu Burn Rate Increases by Over 600% in 24 Hours
On-chain data reveals a significant increase in the Shiba Inu (SHIB) burn rate, rising over 600% within a day. This surge indicates heightened community interest in reducing SHIB's supply, which could potentially affect its price.
Key Points:
- Shibburn reported 3.24 million SHIB tokens burned, marking a 612.78% increase in 24 hours.
- The rise in burn rate is driven by community efforts to reduce supply and induce scarcity.
- Despite the burn, SHIB's price has declined by 1.6% in the last 24 hours and 9.3% over the past week, currently trading at $0.00002.
- Trading volume dropped by 46.33%, reflecting bearish conditions.
- Analyst Rananjay Singh noted that a decrease in supply combined with strong demand typically leads to price increases.
- Future updates in the Shiba Inu ecosystem may contribute to potential gains in 2025.
- ‘Shib Spain’ predicts an upcoming price pump for SHIB linked to Ethereum's price movements.
Analysts suggest that if Ethereum surges, SHIB might follow, triggering a broader uptrend in meme coins.
