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The Shiba Inu token’s burning rate soared by 800% on Monday, creating a slight sense of optimism among traders despite a market downturn ahead of the FOMC meeting. Approximately 6 million tokens were removed from circulation in the last 24 hours. However, SHIB’s price fell by 5% daily, increasing uncertainty about its future.
Shiba Inu Burning Rate Increased by 800%: 6 Million Tokens Destroyed
According to the latest data from Shibburn, the burning rate of Shiba Inu saw an impressive daily increase of 856%. The removal of 6.27 million tokens from circulation emerged as a significant factor driving this surge.
Meme Crypto Market Declines Before the FOMC
However, the current market downturn led meme coins like Shiba Inu to behave contrary to regular market sentiments. Notably, alarming declines were observed in the meme crypto market, paralleling the broader cryptocurrency price drops on Sunday. This decline is associated with market participants’ cautious approach to risk assets before the FOMC meeting on January 29.
As reported, the SHIB price has dropped by 10% and currently trades at $0.00001796. Renowned crypto market analyst Ali Martinez stated, “The critical support zone for the token is between $0.0000185 and $0.0000212.”
Traders are exercising caution, given that the current price level is well below this range. However, a Shiba Inu price analysis conducted by CoinGape reveals that large investors have accumulated about 30 trillion tokens, offering hope for future volatility.
Lucie, the marketing lead for the meme coin, noted that “the Shib Ecosystem is still being built solidly,” during the market collapse. This statement is viewed as a sign that developments within the ecosystem may occur soon.
In light of recent developments, market participants continue to closely monitor the token’s price movements ahead of the FOMC meeting and the progress within the ecosystem.
Conclusion: The increase in Shiba Inu’s burning rate may support a potential price rise by reducing token supply. However, the overall market downturn and uncertainties ahead of the FOMC complicate a clear outlook for SHIB’s future. Traders can make more informed decisions by tracking the accumulation of top holders and developments within the ecosystem.
