In the past 24 hours, the burning rate of SHIB has exponentially increased, which could potentially lead to a significant surge in the price of Shiba Inu. This community-driven initiative aims to reduce the massive cryptocurrency supply, which had slowed down earlier in the month but has now sprung back to full force.
According to data from the Shiba Inu Shibburn tracking website, the burning rate surged from September 27th and continued into the following day as investors sent billions of tokens to burn addresses. As of now, over 172 trillion tokens have been burned, resulting in a 1,347% increase in the burning rate in just one day. This burning initiative has seen remarkable participation from the community, with transactions coming from over 50 wallets.
Not only has the daily burning rate seen a massive increase, but the weekly burning statistics have also witnessed significant growth. Shibburn indicates that over 732 trillion SHIB tokens were burned in the past week, marking a 47.54% increase compared to the previous 7-day period.
Following the rapid surge in the SHIB burning rate, the price of Shiba Inu is at a crucial juncture, signaling a potential turning point for the meme coin. Firstly, the 1,347% increase shows growing engagement from holders. However, this is not the only factor indicating a potential Shiba Inu price recovery.
Over the past day, the daily trading volume has increased in parallel with the burning rate. At the time of writing, data from the CoinMarketCap token tracking website shows a more than 23% increase in Shiba Inu’s trading volume during the same timeframe.
This comes at a time when the meme coin has been struggling and may have reached a local peak just above $0.0000071. This level could establish significant support as the bulls attempt to take over from here.
With Shiba Inu’s price performance in recent weeks, a swift recovery from this point could easily push the token up by over 10%. This would place SHIB at around $0.000008 USD, where the bulls would then have to battle the bears for full control.
If the bulls prevail, the token could potentially reach the $0.000009 USD price threshold. However, if the bears dominate, it’s likely that SHIB will adjust downward to retest the support level at $0.0000071 USD.
At the time of writing, the price of Shiba Inu is at $0.0000072 USD. This memecoin currently holds a market capitalization of $4.28 billion, making it the 19th largest cryptocurrency in the industry.