Bittime – Shiba Inu (SHIB), an Ethereum-based meme coin, is in the spotlight due to a drastic increase in its token burn rate. This is a positive signal amidst the general weakening of crypto prices.
According to data from Shibburn, the SHIB burning rate jumped by 25,035.22% in the last 24 hours. This indicates an active effort to reduce the amount of SHIB in circulation, thereby increasing the potential for future price increases (deflation).
Shiba In The Train?
When most cryptocurrencies experienced price corrections, Shiba Inu showed resistance through an increase in the burning rate. This is a trigger for optimism for SHIB investors.
This 25,000% increase is expected to be a positive catalyst to maintain investor interest.
In detail, as many as 658,082,956 SHIB were destroyed in 11 transactions during the last 24 hours. The total value of the burned tokens is equivalent to $14,385 (at the current exchange rate). This amount increases the total SHIB that has been burned to 410,725,555,674,170.
Although the amount burned is still relatively small compared to the fantastic total supply of SHIB (quadrillion), this is the largest figure in the last few weeks.
This time the burning was considered massive because it involved sending 650 million SHIB to a dead wallet in one transaction.
Check Today's Crypto Market:
SHIB Price Down, Could It Go Up Again?
SHIB price is currently down around 11.77% to $0.0000217. This decline is thought to follow a broad crypto market correction trend. SHIB's market capitalization also fell 12% to $12.7 billion, while daily trading volume reached $1.9 million.
The decline in the SHIB price shows that the increase in the burning rate has not had a direct positive impact. However, the SHIB community hopes that this trend will change in the future.
Currently, SHIB is trying to maintain the resistance level (upper limit of price movements) in the range of 51 trillion SHIB, or the equivalent of $0.000022 to $0.000025.
If you succeed in breaking through this resistance, the next SHIB resistance level will be in the range of $0.000025 to $0.000030.
Conversely, if it fails to maintain resistance, the SHIB price has the potential to fall to the support level (lower limit of price movements) in the range of $0.000019 to $0.000022.
SHIB Price Today
Summer: Over
As if sending a breath of fresh air, SHIB has increased by +1.56% so it is now at $0.00002266. That way, next we will immediately see a period of resistance for SHIB at prices up to $0.000030.
Also Read How To Buy Crypto:
The Future of Shiba Inu: Between Hope and Reality
The surge in the SHIB burning rate has indeed raised optimism among investors. However, there are several factors to consider to understand SHIB's prospects:
1. Huge SHIB Supply
Even though burning continues, the amount of SHIB currently in circulation is still fantastic (quadrillion). It would take large-scale, sustained burning to have a significant impact on prices.
2. Utilitas SHIB
Currently, SHIB's utility is still limited as a memecoin. The development of concrete new ecosystems and use cases for SHIB will increase its appeal and price.
3. Crypto Market Trends
SHIB price movements cannot be separated from the overall crypto market trend. If the bearish (declining) trend continues to dominate, the SHIB price may be under pressure despite the high burning rate.
Conclusion
An increase in the SHIB burning rate is a positive step toward deflation and has the potential to drive price increases in the future.
However, investors need to be realistic and consider other factors such as large supply, SHIB's utility, and overall crypto market trends.
Additionally, it is advisable to do further research before making an investment decision in SHIB.
The significant increase in the SHIB burning rate is a positive signal for the future of this coin. However, it remains to be seen whether these efforts can push the SHIB price up shortly.
SHIB price movements will also be heavily influenced by the overall trend of the crypto market.
Cara Beli Shiba Inu (SHIB) di Bittime
You can buy and sell Shiba Inu (SHIB) easily and safely 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/IDR. To be able to buy SHIB IDR at 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 a Shiba Inu (SHIB) at Bittime.
Monitor the 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 and is not an offer or solicitation 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.
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