- As the network continues to burn Shiba Inu, the memecoin continues to cut down on its existing supply, with the burn rate surging by 400%.
- Selling pressure increases causing Shiba Inu to lose momentum, but market players are optimistic as chart patterns validate bullish sentiments.
In a bid to reduce its supply and increase its credibility in the market, the Shiba Inu network has been on a journey to reduce the existing amount of Shiba Inu supply. According to a more recent report shared by ShibBurn, Shiba Inu’s burn rate has increased significantly.
According to the report, in the past 24 hours, there have been a total of 18,240,757 $SHIB tokens burned and 5 transactions. As a result, the burn rate surged to a whopping 395.43%. At present, the total number of Shiba Inu coins destroyed from existing supply now sits at 410.707 trillion.
In the past 24 hours, there have been a total of 18,240,757 $SHIB tokens burned and 5 transactions. Visit https://t.co/t0eRMnyZel to view the overall total of #SHIB tokens burned, circulating supply, and more. pic.twitter.com/2u5bnJY2UU
— Shibburn (@shibburn) January 12, 2024
The second most popular memecoin can benefit from this continuous burn as reduced supply could propel demand to increase over time. This could usher in more users into the Shiba Inu market and boost prices up to higher levels.
While the burn rate is bullish, it has done little to impact the current price of the memecoin. At report time, the asset is currently trading in the red zone. A mild pushback from the bears caused selling pressure to increase and has since resulted in a drop in its hourly value. Drown by 1.16%, Shiba Inu is trading at a press time price of $0.00001021.
Analyst Highlights Bullish Shiba Inu Chart Pattern
Similarly, Dogecoin (Doge), a popular rival memecoin is also trading in the red zone. Despite trading higher than Shiba Inu at this time, the memecoin is yet to catch up to Shiba Inu’s weekly performance.
However, over the last 7 days, Shiba Inu has gained more than 4% in gains. On the flip side, trading volume puts Shiba Inu in a very critical position as it has declined by 22% over the last 24 hours. Continued decline in the long-term could do more harm to the already unstable price for the memecoin.
Notably, price predictions for Shiba Inu have been largely bullish. Market players are convinced that the memecoin can outperform in the new term. This sentiment was recently shared by one key player who took to X to lay out his expectations for the asset.
Posting to his more than 32,000 followers, the analyst who goes by the pseudonymous name JavonTM1, highlighted the current market structure, citing the technical charts and Shib’s current market movement. He is quoted saying;
“With a similar breakout that sparked a SHIB (Shiba) price run to All Time Highs recently taking place again, these prices now can be All Time High ready again and a >8X (Over +740% Gain) can take them there.” He wrote.
With a similar breakout that sparked a $SHIB (#Shiba) price run to All Time Highs recently taking place again, these prices now can be All Time High ready again and a >8X (Over +740% Gain) can take them there… pic.twitter.com/feAVJKjybZ
— JAVON⚡️MARKS (@JavonTM1) December 9, 2023
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