Shiba Inu’s 65% Weekly Surge Sparks Bullish Optimism amid 1800% Burn Rate Spike

by

As a seasoned analyst with over two decades of experience in the financial markets, I’ve seen my fair share of market trends and fads come and go. However, the current surge in Shiba Inu (SHIB) is one that has caught my attention, not just for its impressive price gains but also for the unique dynamics driving it.

Over the last seven days, the Shiba Inu (SHIB) cryptocurrency has soared, experiencing a significant 65% price jump and fueling market enthusiasm. One intriguing factor contributing to this rise is an unprecedented increase in the rate of SHIB token destruction, which skyrocketed by an astonishing 1837% in just a single day.

The mechanism for burning Shiba Inu’s tokens is intended to manage its large supply, which in turn affects the token’s price fluctuations. Importantly, a more substantial burn decreases the available supply and fuels expectations of continuous price growth. As reported by the Shibburn platform, the significant burn over the last 24 hours has lowered the total supply by approximately 500 million SHIB tokens.

Due to Shiba Inu’s circulating supply reducing to approximately 589.26 trillion, there’s growing optimism among investors about potential price increases based on supply-and-demand theories. Over the past week, a significant amount of over 615 million SHIB tokens have been destroyed.

Renewed Shiba Inu Momentum

At the moment, SHIB is ranked 10th among the most valuable cryptocurrencies in terms of market capitalization. Its market cap is now at a staggering $14.7 billion, representing an impressive increase of more than 40% over the past month. As we speak, the price of SHIB has risen to $0.00002605, reaching an intraday high of $0.00002782, which represents a 14% growth as the new week begins. Additionally, the asset’s daily trading volume has seen a significant boost, jumping by 245% to reach a massive $6.32 billion.

As a crypto investor, I’m excited about the recent advancements that have added to the market’s positive momentum. One such development is the inclusion of Shiba Inu on Robinhood Crypto EU, enabling European users like myself to easily transfer SHIB within our region.

Regardless of SHIB reaching its peak of $0.00008845 back in October 2021, investors remain optimistic that this high could be surpassed again, due to the advantageous market conditions and the election of crypto-friendly Donald Trump as U.S. President.

The gathering occurs amidst excitement within the cryptocurrency sector that the bullish trend may persist further. The increasing interest in SHIB, coupled with a decrease in its availability, creates an environment conducive to possible advancement. Some analysts predict potential increases of up to 300% if the momentum continues.

Additionally, Ethereum has successfully surpassed its previous resistance points by trading 30% higher over the past week, which has added to investor optimism that we might be entering a period known as “altcoin season.

Example: For example, popular meme coins have experienced a significant increase in their market worth. According to CoinMarketCap’s statistics, the total market capitalization of meme coins is currently $88.71 billion, marking an approximately 80% rise over the past month. The most prominent meme token, Dogecoin (DOGE), has also witnessed a boost in its value, trading at around 85% above its weekly closing price.

Read More

2024-11-11 14:06