Shiba Inu Coin: SHIB Price Rallies As Burn Rate Soars 1000%, What’s Next?

Shiba Inu, a prominent meme cryptocurrency by global market capitalization, has reignited discussions within the cryptocurrency realm. Despite recent substantial selloffs, the meme coin has exhibited remarkable resilience, defying market norms and maintaining an upward trajectory above the crucial resistance of $0.00002315 at press time.

This phenomenon has fostered notable market optimism for the dog-themed meme cryptocurrency. Concurrently, another bullish factor appears to be bolstering the token's upward momentum.

Shiba Inu Burn Rate Skyrockets 1000%: Report

Data from the tracker Shibburn reveals an astounding 1009% surge in Shiba Inu's burn rate over the past 24 hours, with 29.11 million SHIB being incinerated. This significant increase in the token's burn rate, a mechanism intended to enhance SHIB's tokenomics, has further reduced the crypto's market supply.

As the SHIB burn rate surged 1009%, the price trajectory maintained its upward momentum, rising in tandem with broader market trends. Notably, with the burn rate upsurge as a catalyst, SHIB surpassed the $0.000025 mark again today, a psychologically important level for the token. This has further piqued substantial investor interest in Shiba Inu, with crypto market participants speculating optimistically about the coin's future price movements.

It is noteworthy that despite 211 billion coins being sold by wallets over the past day, Shiba Inu exhibited considerable resilience, maintaining its upward trajectory.

Shiba Inu Price Surges

At the time of writing, SHIB's price had increased by 7.46% over the past 24 hours, currently resting at $0.00002472. The meme coin's market capitalization jumped 7.48%, accompanied by a 24-hour trading volume increase of 9.43%. This propelled the token into a bullish phase today, while on-chain data further infused a wave of optimism among investors.

Coinglass data revealed SHIB liquidations worth $90.39K, indicating significantly reduced selling pressure compared to previous data. Moreover, the open interest soared by 13.73%, reaching $64.76 million, suggesting growing investor interest in the dog-themed meme token.

Meanwhile, the Shiba Inu crypto community recently ruled out a hard fork upgrade for Shibarium, adding a bullish undertone to its cryptographic journey. Collectively, the aforementioned data paints a hopeful picture for SHIB's future, with crypto market enthusiasts continuing to observe the token closely.