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Shiba Inu (SHIB) has regained attention among global crypto enthusiasts. A notable event on Wednesday saw a significant increase in the coin burn rate. According to recent data, approximately 27 million SHIB were removed from circulation, raising expectations regarding the future of this meme coin.
Rapid Increase in Burn Rate Restores Confidence
As of October 23, the burn rate of Shiba Inu surged by 6750% over the past 24 hours. During this period, 27.10 million coins were withdrawn from circulation. The total circulating supply of SHIB is now around 589.26 trillion. This substantial burning activity has created a positive atmosphere in the market.
Weekly data indicates that approximately 58 million coins have been pulled from circulation. As supply decreases, the expectation that the token could gain value in the future increases according to the law of demand. Furthermore, the recent developments are expected to further increase interest in this meme coin.
SHIB Aims for $0.01 Target
However, SHIB’s price experienced volatility today, dropping to $0.00001806, down approximately 2.5%. This decline correlated with overall market trends and created a short-term negative impact despite the increase in burn rate.
Lucie, Shiba Inu’s marketing leader, remains optimistic. “I have believed in this project since 2021; I am confident SHIB will reach the $0.01 target,” she stated.
Continuous burning processes keep hopes alive regarding SHIB’s long-term potential.
On the other hand, Coinglass data shows that the open position in SHIB futures decreased by 5.9% to $52.65 million. Additionally, derivative volume also fell by 22% to $106.71 million. While these figures align with the price decline, the overall picture continues to signal positivity for the future.
Developments within Shiba Inu’s ecosystem are also noteworthy. The increased activity in Shibarium indicates solid growth in the meme coin ecosystem.
The reduction in Shiba Inu’s supply and innovations within its ecosystem support the likelihood of value appreciation in the future. This serves as a hopeful signal for participants. As fluctuations in the crypto market persist, the increase in burn rate and community support enhances hopes for SHIB’s long-term success.
