Shiba Inu Burn Rate Surges Over 600% on January 22
The Shiba Inu (SHIB) community experienced a significant increase in its burn rate on January 22, exceeding 600%. Approximately 3.24 million SHIB tokens were sent to a null address, permanently removing them from circulation. This is part of efforts by the Shiba Inu team to enhance the token's value.
- SHIB’s burn mechanism aims to decrease availability and potentially drive price upward.
- Current trading price is $0.00002, with a 2% gain in the last 24 hours.
- Market capitalization stands at $12 billion, making it the second-largest meme coin.
- SHIB has seen a 125% increase in value over the past year.
- 24-hour trading volume is $593 million, significantly lower than competitors like Dogecoin and TRUMP.
- Large SHIB transactions have decreased since the year's start.
- Relative Strength Index (RSI) is at 42, indicating neutral market conditions.
- Accumulation/Distribution chart suggests increased investor interest but short-term fluctuations remain.
Shytoshi Kusama, SHIB’s lead developer, hinted at upcoming developments that could boost market confidence. Analysts have set potential price targets between $0.00003340 and $0.0000455, with some predicting a near-term price climb to $0.00004029.