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Reading: Shiba Inu’s Burn Rate Surge Captures Market Attention
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COINTURK NEWS > Shiba (SHIB) > Shiba Inu’s Burn Rate Surge Captures Market Attention
Shiba (SHIB)

Shiba Inu’s Burn Rate Surge Captures Market Attention

In Brief

  • Shiba Inu's burn rate increased significantly, affecting its market price positively.

  • The token's futures open interest shows growing investor interest and confidence.

  • Market dynamics will shape Shiba Inu's future performance and investor sentiment.

İlayda Peker
İlayda Peker 7 months ago
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The significant increase in Shiba Inu’s (SHIB) burn rate has attracted market attention. The meme token experienced a remarkable 6200% rise in its burn rate within a single day, creating a positive impact in the market. Investors are closely monitoring the implications of this supply reduction on the token’s price, which increased by 4% in response to the elevated burn rate.

Contents
Impact of the Record Burn Rate IncreaseSHIB Price and Growing Investor Interest

Impact of the Record Burn Rate Increase

On November 18, Shiba Inu burned 290,000 coins in a single day, representing a 6223% increase over the last 24 hours. The token’s total supply still stands at approximately 589.26 trillion coins. However, a total of 135 million SHIB has been removed from circulation in the past week, resulting in a favorable shift in the supply-demand balance for investors.

Market experts note that substantial burn rates typically support token prices. This dramatic increase in burn rate is particularly attracting investor interest in Shiba Inu. Such supply reductions are known to influence price movements during bull markets.

SHIB Price and Growing Investor Interest

As of press time, Shiba Inu is trading at $0.00002511, with a 24-hour low of $0.00002403 and a high of $0.00002563. The daily increase of 4% clearly illustrates the market impact of the rising burn rate.

Furthermore, Shiba Inu’s futures open interest (OI) increased by 6%, reaching $93 million, indicating growing investor interest in the token. Analysts suggest that SHIB has potential for greater gains in the future, although they caution that a target of $1 remains overly optimistic under current conditions.

Market observers express that the bullish market effect following the U.S. elections supports price movements for Shiba Inu. The extraordinary increase in burn rate is believed to contribute to the upward price movements of the token.

With the notable rise in burn rate, Shiba Inu is solidifying its position in the market. The token’s future movements will be shaped by both supply-demand dynamics and investor sentiment.

You can follow our news on Telegram, Facebook, Twitter & Coinmarketcap
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.

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İlayda Peker 18 November, 2024 - 3:51 pm 18 November, 2024 - 3:51 pm
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