Often touted as the “Dogecoin killer,” Shiba Inu (SHIB) has seen a notable increase in its monthly token burn rate as March ended and April began. This surge has caught the attention of cryptocurrency traders and investors worldwide.
2330% Increase in Monthly Token Burn Rate
Throughout the past month, the Shiba Inu community has generated significant excitement among investors, leading to a substantial increase in the token burn rate. This has resulted in an impressive monthly gain of about 130% for Shiba Inu. However, the token has recently entered a period of sideways trading, leading to speculation among cryptocurrency enthusiasts.
According to data provided by Shibburn, a platform that tracks Shiba Inu token burns, 15.64 billion SHIB tokens were burned in March, removing them from circulation and marking a significant 2330% increase in the monthly token burn rate.
This significant token burn rate, achieved through 217 transactions by the community, reflects positive market sentiment due to a considerable reduction in SHIB’s circulating supply. Notably, the total number of SHIB tokens burned from the initial supply has now reached 410.72 trillion.
Current State of the Altcoin
Despite the optimistic outlook stemming from the increased token burn rate, SHIB’s price has shown volatility in recent days. The altcoin rose to $0.000044 in March, but is currently trading at $0.00002887, down 5.48% in the last 24 hours. This downward trend was particularly noticeable during a consolidation period near the $0.00003 level last week.
Derivative data for Shiba Inu also indicates a notable decrease in open interest (OI) along with an increase in trading volume. The asset’s OI-weighted funding rate remains relatively low, suggesting a short-term downward trend. Additionally, the Relative Strength Index (RSI) hovers around 56, indicating neither overbought nor oversold conditions for the asset.
