Shiba Inu is making waves after getting a surprising 1,000% increase in its burn rate, Shibburn Data show. This occurred simultaneously with a nearly 7% increase in the value of the meme coin. Market watchers are investigating what this could potentially mean for the future of SHIB, especially in light of increased confidence in the cryptocurrency sector.
More than 6 million SHIB incinerated
The Shiba Inu community’s growing dedication to reducing the token supply is reflected in the latest consumption rate. Shibburn statistics show that in the last 24 hours alone, almost 6.54 million SHIB tokens were burned. Typically, this type of supply chain cut indicates a positive trend.
These supply cuts sometimes point to an upward trend. People in the SHIB community seem to be rallying behind this cause, hoping to increase the price of the token. It’s a good time to buy altcoins now, before the next big rally, according to analyst Alan Santana, who recently highlighted that the market is approaching its final accumulation for 2024.
#Altcoins Shiba Inu Long-Term Bull Market Accumulation Zone Will Become Active
As we get closer and closer to 2025, the Altcoin market is preparing to enter the last accumulation phase of 2024. This will be the last chance to buy at low prices before the big 2025… pic.twitter.com/L2mPYvEyhr
-Alan Santana (@lamatrades1111) October 2, 2024
Burn Rate Increases Local Support
The last week saw the incineration of almost 26.63 million tokens. Investors are optimistic as a result of this level of activity. Since the initial supply, 410.73 trillion SHIB tokens have been destroyed so far. The number of tokens in circulation, at 583.51 trillion, is still substantial.
The SHIB community is still optimistic that the meme coin will exceed expectations and perform well in the coming weeks or months. Santana’s assessment indicates that the current weak market, particularly the growing turmoil in the Middle East, could cause some disruptions. However, investors should not worry too much as cryptocurrencies can sometimes bring big surprises.
Many people are watching this closely as the Shiba Inu community is working together to limit supplies. Does SHIB’s price appreciation have anything to do with the current race to burn? Investors hold their breath and wait for a breakout as the year 2025 approaches.
Shiba Inu Price Action
Shiba Inu currently stands at $0.00001594 as the cryptocurrency is down 1.40% from the previous day’s price and is also down 5.40% over the past week. However, around US$784 million was traded in a 24-hour period. Although there has been a huge price fluctuation, this trading volume indicates that the community is still active and interested.
Featured image from Pexels, chart from TradingView