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The cryptocurrency market has been buzzing with activity, and Shiba Inu (SHIB) is back in the spotlight with an extraordinary 2200% increase in its burn rate. This significant reduction in circulating supply has caught the attention of investors, sparking optimism about SHIB’s potential for future price growth.
14 Million Shiba Inu Tokens Burned in 24 Hours
According to data from Shibburn, the platform tracking SHIB’s burn mechanism, over 14.58 million tokens were burned in the last 24 hours. This process involves sending tokens to a “null address,” permanently removing them from circulation. The reduction in supply creates upward pressure on price, assuming demand remains constant.
In the past week, SHIB burn totals reached 50.06 million tokens, while for the month, an impressive 192.78 trillion tokens have been removed from circulation. This trend shifts the supply-demand dynamics in favor of the token, suggesting a promising outlook for SHIB amidst broader market trends.
Price Volatility Despite Burn Success
Despite the surge in burn rate, SHIB’s price has experienced a 2% dip in the past 24 hours, currently trading at $0.00002386. The day’s low and high were $0.00002311 and $0.00002478, respectively. While these short-term fluctuations may concern some investors, SHIB has posted a 30% gain over the past month, underlining its longer-term growth potential.
Analysts caution against overreacting to minor dips, emphasizing that the consistent increase in SHIB’s burn rate and monthly performance could signal a sustained bullish trend for the token.
Meme Coin Sector Sees Strong Growth
SHIB’s performance comes amid broader momentum in the meme coin sector, with tokens like Dogecoin (DOGE) and PEPE also seeing significant gains. DOGE has surged by 90%, while PEPE has soared by 169% over the past month, reflecting a bullish phase for meme coins overall.
This trend suggests growing investor interest in the sector, potentially setting the stage for SHIB and other leading projects to capitalize on the momentum.
Long-Term Implications for SHIB
SHIB’s increasing adoption, combined with its aggressive burn mechanism, underscores its potential as a long-term investment. As noted by Turkish NY Radio, the current dynamics in the meme coin market highlight the importance of tracking fundamental developments like supply reduction and adoption trends.
With sustained momentum and growing market interest, SHIB could continue to position itself as a key player in the evolving cryptocurrency landscape.
