Shiba Inu burn rate soared over 28,000% today, sparking investor interest in SHIB price activity.
The Shiba Inu (SHIB) meme cryptocurrency has once again sparked optimism among crypto market traders and investors worldwide.
The dog-themed meme token saw a staggering increase of over 28,000% in its burn rate today, leading to highly bullish market sentiments regarding SHIB’s future price movement.
Additionally, the token recently achieved a significant futures listing on a well-known cryptocurrency exchange, further boosting investor confidence in the broader market.
Shiba Inu Burn Soars Over 28,000%, Boosting Market Optimism
According to data provided by the Shibbrun tracker on X, on August 30, Shiba Inu’s burn rate skyrocketed by an impressive 28,145% in the last 24 hours.
This substantial increase is largely due to the burning of 96.43 million SHIB in the past day alone.
Moreover, the weekly burn rate saw a surge of 301% as of press time, contributing to the growing optimism for the token.
The SHIB community reported on X that 172.99 million tokens were burned over the past seven days.
At the same time, the total supply of SHIB was reduced to 589.27 trillion, thanks to these significant burns.
As the leading meme coin’s supply decreases, market sentiments have turned bullish, reflecting the basic economic principle of supply and demand.
It’s also worth mentioning that Shiba Inu has been listed for futures trading on Kraken, one of the top crypto exchanges.
This recent development enhances the appeal of the meme token to investors, providing greater flexibility and accessibility in trading options.
Overall, these recent developments present an optimistic outlook for SHIB’s future price action. However, the token is currently trading in the red today.
SHIB Price Declines Today, But Will It Rise?
As of press time, the price of SHIB has dropped by 0.7% in the past 24 hours, trading at $0.00001393. The token’s intraday low and high were recorded at $0.00001389 and $0.00001452, respectively.
Today’s downward movement aligns with the broader market trend, as Bitcoin and other major cryptocurrencies have also experienced a decline in today’s trading session.
However, data from Coinglass showed a 0.44% increase in Shiba Inu futures open interest (OI) over a 4-hour period.
This was accompanied by a 0.06% rise in the 24-hour chart, with the OI standing at $28.44 million at the time of writing.
Despite this, the token’s derivatives volume decreased by 15.33%, falling to $44.48 million, which has sparked speculation among market participants.
Meanwhile, the Relative Strength Index (RSI) was at 45, indicating a neutral position for the asset.
Overall, market statistics suggest that the coin may face short-term volatility, although long-term prospects remain positive, with the ongoing burn rate further influencing its outlook.
