Bittime - While the crypto market experienced a recent correction, the Shiba Inu memecoin (SHIB) showed positive signals with a significant spike in token burn metrics. This demonstrates the commitment of the SHIB community to reducing supply and increasing the value of the token in the long run.
What is Burn Token?
Shiba Inu's "token burning" refers to the process of permanently removing a certain amount of SHIB tokens from circulation. This is usually done by sending tokens to an inaccessible wallet address, thus effectively reducing the total supply of tokens in circulation.
The burning process can be triggered in a variety of ways and is often part of a strategy to increase the value of tokens by reducing their amount, based on the basic economic principles of supply and demand.
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Shiba Inu Token Burn Rises Sharply
According to data from Shibburn, SHIB's burning platform, the burn rate of SHIB tokens has increased fantastically by 25,035.22% in the last 24 hours. This shows that the SHIB community is active in burning tokens, thereby reducing the number of tokens circulating in the market.
In the last 24 hours, a total of 658,082,956 SHIBs have been culled in eleven transactions. In monetary value, this burned SHIB token is equivalent to $14,385 (Rp213 million), based on the token's current market value. This brings the total SHIB burned from the initial supply to 410,725,555,674,170.
Although the amount of SHIB burned recently is still small compared to the total supply of 1 quadrillion tokens, this significant surge shows the community's optimism towards the future of SHIB. This increased burn can also help boost the price of the token in the long run.
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Fundamental and Technical Analysis
Fundamentally, the surge in token burn shows the commitment of the SHIB community to increasing the value of tokens. This can attract new investors and encourage wider adoption of SHIB.
However, technically, the price of SHIB is still in a bearish trend and struggling to maintain the price level of $0.000022 (Rp3,300). The latest price drop can be attributed to the price correction that hit the crypto market as a whole.
Currently, Shiba Inu is struggling to maintain the resistance range of 51 trillion SHIB, which sits between $0.000022 (Rp3.3) and $0.000025 (Rp3.7). If it manages to break through this range, the next resistance will be at $0.000025 (Rp3.7) to $0.000030 (Rp4.5).
On the other hand, if SHIB fails to maintain a resistance range of 51 trillion, the token may drop to the $0.000019 (Rp2.8) to $0.000022 (Rp3.3) support level.
Shiba Inu Price Today
At the time of writing, Shiba Inu (SHIB) is trading at a price of 0.00002343 US dollars per token with an increase of 3.48% in the last 24 hours on Monday, 15/04/2024.
Predictions and Conclusions
Although the price of SHIB experienced a correction in the short term, the spike in deflationary metrics shows the community's commitment and positive potential for the token's future. Increased token burn and wider adoption could help drive SHIB's price in the long run.
Crypto analysts predict that if this deflationary trend continues and the crypto market recovers, SHIB may return to its previous price levels and even reach a new record. However, investors need to consider the risks associated with the crypto market and do their own research before making an investment decision.
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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 through Bittime. Bittime is one of the best crypto applications in Indonesia that has been officially registered by Bappebti.
Shiba Inu (SHIB) is available on Bittime with the SHIB/USDT market pair. To be able to buy SHIB USDT on Bittime, make sure you have registered and completed identity verification. In addition, also make sure that you have enough balance by depositing some funds into the wallet. For your information, the minimum asset purchase at Bittime is IDR 10,000. After that, then you can make a crypto asset purchase in the application.
Learn the complete guide on how to buy Shiba Inu (SHIB) on Bittime.
Monitor the price chart movements of Shiba Inu (SHIB), Ethereum (ETH), Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.
Also Read:
SHIB Price Soars 128% in 7 Days: What is SHIB Price Prediction?
Shiba Inu (SHIB): Community Resilience and Shibarium Development Boosts SHIB Price
Shiba Inu Burn Rate Soars 1207%, ShibArmy Accelerates to Reduce SHIB Token Supply
DISCLAIMER: This article is informational in nature and does not constitute an offer or solicitation to sell and buy any crypto asset. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices may change significantly from time to time and Bittime is not responsible for fluctuations in crypto asset exchange rates.
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