Shiba Inu has become the object of the crypto world’s biggest interest after a whopping 70% growth of its price within a single week. The burn rate of the meme coin has skyrocketed by a whopping 15,596% within a single day, as reported by Shibburn, the tracker of SHIB transactions.
This dramatic increase caused over 13 billion SHIB tokens to be wiped out, decreasing overall supply, which triggered the bullish feelings among investors and traders worldwide.
Due to the sharp burn rate rise, a series of breakthroughs in the Shiba Inu community and the general meme coin rally, the price of cryptocurrency has skyrocketed from 0.00001 to a respectable 0.00004. The market is bullish with talk of the attainment of the $0.0001 mark.
Shiba Inu Record Burn Ignites Tokenomics Optimism
Shibburn data shows that in just one day, 13.61 billion coins were burned, reducing the initial supply of SHIB to 410.72 trillion coins. All these measures to decrease the supply of SHIB are considered a positive development for SHIB tokenomics, showing a bright future for the cryptocurrency’s value.
The community has actively participated in transferring SHIB to a dead wallet, which has significantly contributed to the increase in the burn rate. Also, Ragnar Shib members of the Shiba Inu team have partaken in the burning transactions, creating excitement and hope for SHIB and its ecosystem tokens. As reported earlier, the lead developer of Leash, Kusama, hinted about potentially the first-ever Leash token burn, showing the community’s dedication to their crypto project.
SHIB is trading at $0.00003458, indicating a marginal decline of 1.30% and a 57% increase in the last seven days. The trading volume and market cap of the coin have also witnessed an outstanding surge, thus consolidating SHIB even further as a powerful figure in the crypto market. Currently, SHIB is the eleventh coin by global market cap in CoinMarketCap’s list.
Nevertheless, the RSI illustrates an overbought condition, so there is a possibility of a consolidative stage ahead. However, the fact that the massive bearish crowd has yet to be eliminated by the burning event and the latest developments make the future for SHIB look very bright.