Shiba Inu Burn Rate Increases, Will This Meme Token Skyrocket Again?

Bittime - The price of the Shiba Inu coin (SHIB) is again a hot topic of conversation among crypto investors today. This is driven by a rapid increase in the “burn rate” or burning rate of SHIB tokens. 

According to tracker Shibburn, the SHIB burn rate jumped more than 800% in the last 24 hours, where more than 100 million SHIB tokens have been burned.

Burning these tokens basically reduces the amount of SHIB circulating on the market. This is good news because with reduced supply, the value of SHIB has the potential to increase. Apart from that, there are two other factors that also fuel the optimism of SHIB holders.

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Increasing Adoption of SHIB

Source: Coingape

The soaring burn rate of SHIB occurred at the same time as other developments indicating increased adoption of SHIB in the crypto space. 

Also read: Can the price of Shiba Inu (SHIB) reach 1 cent per token?

According to The Shib Magazine, for the first time a meme coin was used to pay for a web3 food order (SHIB) in full. This shows that SHIB is starting to be accepted as a legitimate payment method.

Data from Shibburn shows an increase in burn rate of 859.83%. This is mainly due to the burning of 107.08 SHIB tokens over the last 24 hours. So far, a total of 410.72 trillion SHIB has been burned and removed from circulation.

Shiba Inu (SHIB) Price Still Fluctuating

Source: Bittime

Despite the large amount of burning, the price of SHIB was observed to decline in the last 24 hours. This raises questions about its future price movements.

Also Read How to Buy Crypto:

Based on data from Bittime, the SHIB price is currently in the range of IDR 0.34 (US$0.00002031) and is down 4% compared to yesterday. The weekly chart shows a price correction of 18%. 

Also read: Reasons why Shiba Inu dominates the Indian market

However, the hourly chart shows a price increase of 0.41%, in line with the increase in burn rate. Traders and investors remain cautious given the volatile nature of the crypto market.

Number of Shiba Inu (SHIB) Holders Increases

Etherscan data shows a significant increase in the number of SHIB holders, which reached 1.39 million as of today, June 14. Even though the price experienced a correction, the increase in the number of holders is a positive signal. 

Market players may be implementing a "buy the dip" strategy or buying when prices fall.

However, trading activity in the derivatives market, such as futures trading volume (SHIB Futures OI) and overall derivatives volume, actually decreased. Apart from that, the RSI (Relative Strength Index) indicator is also moving around the number 38, which indicates a potential decline in the SHIB price.

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SHIB Price Increase Expectations

However, with the continued soaring burn rate, accompanied by increasing SHIB adoption and the number of token holders, market sentiment shows the potential for a price shift in a better (bullish) direction. 

Apart from that, crypto experts are still predicting a rally (price increase) for Altcoin following the next Bitcoin "halving" event.

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.

Also read:

FLOKI Soars 212%, Will It Displace Shiba Inu?

Shiba Inu Price Analysis: Will It Return to the Top?

Shiba Inu Price Slumps Before Predicted Flight

Will Shiba Inu Soar High After Bitcoin Halving?

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.