Shiba Inu Coin: SHIB Burn Shoots 4000%, Signals Price Recovery Ahead?

In an optimistic gust, amid the recent attention-grabbing price corrections witnessed within the crypto realm, Shiba Inu, an Ethereum-based meme coin, garnered substantial investor attention today, April 3, as its burn rate noted a meteoric rise. Insights revealed by the meme coin’s burn tracker spotlighted a nearly 4000% surge in the SHIB burn rate over the past 24 hours, adding a tint of optimism for the token.

Meanwhile, SHIB traded in the red today, contrasting the sentiments birthed with the burn rate surge. As mentioned above, the token noted a substantial drop to the $0.000026 mark, mirroring the results of crypto market corrections. However, the 4000% surge in the meme coin’s burn rate appears to have echoed a frenzy across the cryptocurrency landscape, propelling speculations over bolstered price actions ahead.

Shiba Inu’s 4K% Burn Upswing Ignites Investor Enthusiasm

According to the insights revealed by Shibburn, a 4093% rise in the burn rate comes primarily attributed to 154.99 million SHIB destroyed over the past 24 hours. Further, the meme coin’s community registered the incineration of a whopping 312.03 million SHIB over the past seven days, adding to the token’s optimistic whisper in the market.

In the past 24 hours, there have been a total of 154,999,579 $SHIB tokens burned and 4 transactions. Visit https://t.co/t0eRMnyZel to view the overall total of #SHIB tokens burned, circulating supply, and more. pic.twitter.com/rhajRJLTud

— Shibburn (@shibburn) April 3, 2024

Despite the price noting a substantial downturn, reaching $0.000026, the abovementioned rise in the SHIB burn added a tint of optimism to the dog-based meme token. This optimism primarily emerges as the meme coin’s supply dwindles in the market, cushioning SHIB’s fall and its tokenomics.

Meanwhile, on-chain data further stirred a whirlpool of speculations on Shiba Inu’s price action ahead.

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Shiba Inu Slips

As of writing, the Shiba Inu token’s price has dropped 0.24% over the past 24 hours and is currently trading at $0.00002689. With a 1.55% decrease in open interest and an 11.96% dip in derivatives volume, per Coinglass‘ data, the meme coin took a bearish stage today as investors showcased reduced interest and market participation concerning the asset.

However, with the token’s constant blowing off of supply within the broader crypto market, crypto enthusiasts foresee a time wherein the buying pressure in the market drastically aids SHIB’s price action. Nonetheless, if the supply pressure from broader markets persists, Shiba Inu’s price will retest the 61.8% FIB level at $0.00002368, per analysis by CoinGape Media.

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