Shiba Inu (SHIB) Token Burn Up 2,300%, Will This Meme Coin Skyrocket?

Bittime - The crypto world was shocked by the fantastic surge of Shiba Inu (SHIB) in terms of monthly token burn. Shiba Inu (SHIB) recorded an increase of 2,300% in terms of monthly token burn. This fantastic score occurred at a time when SHIB also experienced a significant price increase in the last 30 days.

The Shiba Inu crypto community is getting excited by a series of updates to the meme token ecosystem, coupled with a large token burn. 

Thanks to the burning of 15.64 billion SHIB last March, the total tokens burned from the initial supply of SHIB has now reached 410.72 trillion! Not surprisingly, the SHIB price shot up almost 130% in March.

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However, in the last few days the SHIB price movement looks stagnant, as if it is consolidating. Will this sideways movement be the start of an even bigger price increase?

Shiba Inu Burn Triggers Bullish Trend?

According to Shibburn, a SHIB token burn tracker, the 2,330% burn spike in March was driven by 217 community transactions. This burn had a positive impact on market sentiment as the supply of SHIB reduced drastically.

Also read: Shiba Inu (SHIB): What is it, How Does It Work, and Why is it Popular?

Simultaneously with the token burn, the SHIB price touched a high of $0.000044 in March. However, when this article was written, SHIB movements were fluctuating and appeared to be consolidating.

Shiba Inu Price Dropping?

The Shiba Inu token price is currently down 7.16% in the last 24 hours to $0.00002693. This drop is quite surprising after the steady price movement around $0.00003 over the past week.

SHIB derivatives data also shows a decrease in interest of 11.67% (open interest), while trading volume actually increased by 19.3%. This signals increased short-term trading activity, but also bearish sentiment due to SHIB's low 'funding rate' (0.0299%).

In addition, SHIB's RSI (Relative Strength Index) value is around 56, which means this token is neither in an overbought nor oversold phase.

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Shiba Inu Volatility

Shiba Inu prices do experience wide fluctuations. However, it is worth noting that the price of SHIB is much lower compared to other cryptocurrencies on the market. So, the price fluctuations look "small" in percentage terms.

For example, from January 1, 2023 to December 7, 2023, the difference between the highest and lowest prices of SHIB is $0.0000099. At first glance, it looks small, but losses can increase depending on the amount of SHIB purchased or owned.

Also read: What is Volatility?

Because the price is cheap, you can buy SHIB in very large quantities. On a large scale, the losses experienced can also be large. For example, if you bought 10 million SHIB at its 2023 high ($0.00001562496), it would cost you $156.25.

On December 8, 2023, you may still not have made a profit. The reason is, the price of SHIB at that time had touched $0.00001006, which means your 10 million SHIB was only worth $100.60.

Imagine if you bought 1 billion SHIB (at $15,624.96 at its highest) in the hope of making a profit. On December 8, 2023, your SHIB is only worth $10,060.00 - a loss of $5,564.96.

Shiba Inu's Future Still Mysterious

Even though monthly token burn jumped 2,300%, the future price movement of SHIB is still unclear. Crypto analysts are observing whether bullish or bearish sentiment will dominate the overall crypto market.

Last month was an optimistic month for SHIB. The Shiba Inu crypto community launched various innovations and new partnerships which helped fuel market optimism.

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How to Buy Shiba Inu (SHIB) on Bittime

You can buy and sell Shiba Inu (SHIB) in an easy and safe way via Bittime. Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti. 

Shiba Inu (SHIB) is available on Bittime with the market pair SHIB/USDT. To be able to buy SHIB USDT on Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application. 

Learn the complete guide on how to buy Shiba Inu (SHIB) on Bittime. 

Monitor price chart movements of Shiba Inu (SHIB), Bitcoin (BTC), Ethereum (ETH), Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.

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DISCLAIMER: This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.