Shiba Inu (SHIB) Burn Rate Rises Amid Crypto Market Optimism

Bittime - Shiba Inu (SHIB) showed a significant increase, in line with broader market trends. Over the past week, SHIB has gained 11.8%. The burn rate of Shiba Inu has also increased dramatically.

Despite this growth, the price movement of Shiba Inu in the last 24 hours has been more moderate, with only an increase of 1.7%, thus trading at a price of $0.00002593 (Rp0.39).

This figure represents a slight decrease from the previous 24-hour peak. This relatively stable price performance reflects cautious optimism among investors and traders.

Burning Rate Shiba Inu

Amidst these market movements, there have been significant developments in the dynamics of the Shiba Inu token. SHIB's burn rate, which refers to the rate at which tokens are permanently removed from circulation, jumped about 569% on Wednesday, May 22.

This surge, according to Shibburn, a dedicated tracker for Shiba Inu token burn, has fueled optimism in the market regarding the future valuation of this memecoin. This dramatic increase in burn rate reduced the market supply of Shiba Inu by 12.70 million SHIB tokens. Four dedicated wallet addresses contributed significantly to this surge.

Also read: PEPE Coin: Highest Peaks, Whale Movement, and Smart Money in Q2 2024

One address alone was responsible for transferring 4.6 million SHIB to a dead wallet in two large transactions. Another wallet address moved 1.01 million SHIB, and a third address donated 1.04 million SHIB for increased burn rates.

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Impact of SHIB Token Burning

Collectively, these actions have caused a total of 410.72 trillion SHIB tokens to burn, with a current circulating supply of 583 trillion and 6.2 trillion SHIB staked across various platforms.

This reduction in supply due to combustion is anticipated to be the main driver in increasing the value of SHIB. In economic terms, a decrease in supply with maintained or increased demand will most likely lead to price appreciation. This principle has injected a wave of optimism into the Shiba Inu community, which expects that the decrease in supply will strengthen the price of the token.

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Shiba Inu's Increased Market Activity

Supporting this optimistic outlook, data from Santiment shows a significant increase in the number of daily active addresses of Shiba Inu. The number jumped from below 4,000 at the start of the month to more than 11,000 today, indicating strong activity and a possible increase in buying on SHIB.

This bullish sentiment is also reflected in open interest data from Coinglass, where Shiba Inu's open interest increased by almost 10% in the last 24 hours, reaching $91.61 million (around Rp1.35 trillion). The volume of open interest also saw a significant increase, rising by 44% to $325 million (around Rp4.8 trillion).

Lonjakan dalam minat terbuka ini menunjukkan bahwa lebih banyak peserta pasar yang masuk atau mempertahankan posisi mereka daripada keluar, sebuah tanda dari aktivitas pasar yang meningkat dan masuknya modal baru yang mendukung kenaikan harga.

Harga Shiba Inu (SHIB) Hari Ini

Pada 23/05/2024, harga token SHIB berada di level $0,00002557 per token dalam trading pair SHIB/USDT. Berdasarkan pantauan data dari Bittime, pergerakan harga SHIB merosot tipis 1,46% dalam 24 jam terakhir.

Sumber: Bittime

Kesimpulan

Kenaikan harga Shiba Inu yang signifikan di tengah optimisme pasar kripto menunjukkan potensi masa depan yang cerah bagi token ini. Peningkatan tingkat pembakaran dan aktivitas pasar yang meningkat menambah kepercayaan pada komunitas Shiba Inu. 

However, as in all crypto investments, it is important to constantly monitor developments and conduct thorough research before making any investment decisions. With an ever-evolving market and constantly changing dynamics, Shiba Inu remains one of the interesting crypto assets to follow.

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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), 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 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.