Shiba Inu, one of the most famous meme coins operating on Ethereum, once again caused a tsunami of enthusiasm in the global cryptocurrency space on Tuesday following a significant spike indicated by the token’s burn rate. In particular, the market chart published by Shibburn showed a 281.21% increase in the SHIB burn rate today, which attracted a lot of attention among cryptocurrency market enthusiasts.
The Shiba crypto community seems to be driving market optimism for the token, as 6.64 million coins were burned in the past 24 hours. Meanwhile, Memecoin has seen considerable volatility within the broader crypto market in recent days, as witnessed by many other cryptocurrencies following James Powell’s recent speech on interest rate deferral. Traded. However, Shiba Inu could rebound after the $0.0000085 support held steady, paving the way for a breakout above $0.00001.
Shiba Inu Burns: Detailed Report
According to burn tracker Shibburn, the number of tokens burnt since Shiba Inu’s initial circulating supply now totals 410.7 trillion. On the other hand, the current circulating supply of meme coins is equivalent to 581.34 trillion coins.
The notable differences between Memecoin’s burnt tokens and the currently available tokens demonstrate the incredible efforts of the Shiba crypto community to jack SHIB tokenomics. With the constant burning of SHIB, the cryptocurrency community primarily aims to reduce the supply of the token, thereby suppressing price and demand spikes. However, as of this writing, Shiba Inu’s price has fallen slightly, increasing speculation among crypto traders and investors.
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Will Shiba Inu price approach $0.00001?
According to market charts on CoinMarketCap, Shiba Inu price recorded a slight decline of 0.24% in the past 24 hours and is currently trading at $0.0000089.
However, the meme coin shows potential to scale to higher levels this week as daily candlesticks are forming according to TradingView charts. Moreover, the uptrend line also emphasizes that SHIB will no longer fall, attracting global attention.
Meanwhile, the 200-day exponential moving average (EMA) also needs to move to higher support to further favor the bulls, according to a report by CoinGape Media.
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