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- SHIB community members are optimistic following a burn rate spike.
- Shiba Inu’s burn rate spiked 570% in the past 24 hours.
- SHIB’s price climbed above the $0.000025 resistance following the spike in burn rate.
A wave of optimism has swept through the Shiba Inu community as the native cryptocurrency’s burn rate experienced a sharp spike. Data from the Shibburn tracker indicates that the SHIB burn rate surged by nearly 570% in the past 24 hours, with four wallets identified as primarily responsible for these burns.
This recent development has piqued the interest of Shiba Inu enthusiasts, rekindling bullish sentiment for the flagship memecoin. Traders and investors are closely monitoring the impact of the surging burn rate, which automatically reduces Shiba Inu’s market supply, potentially leading to favorable implications for its tokenomics in the future.
Notably, the Shiba Inu community burned 12.7 million SHIB tokens over the last 24 hours, with four wallets playing a pivotal role in this endeavor. The Shibburn tracker identified one address that transferred 4.6 million SHIB tokens to a dead wallet, effectively removing them from circulation. Another address was observed to have sent 3.08 million SHIB to a burn address, similarly reducing the circulating supply.
These identified transactions coincided with a recent surge in SHIB prices over the same period. Other notable transactions included one transferring 1.04 million SHIB to a dead wallet and another burning 1.01 million SHIB tokens.
Considering the principles of cryptocurrency tokenomics, a reduced supply coupled with steady or increased demand could lead to price appreciation for any asset. With over 410 trillion SHIB already burned, traders and investors are hopeful about the potential for a memecoin price rally.
SHIB has traded within a narrow range for nearly ten weeks after reaching $0.00004575 on March 5. The recent surge pushed the memecoin above the $0.000025 level, which had served as significant resistance. Increased momentum could propel the memecoin higher, with many users anticipating SHIB to reach $0.0001 as an initial target in the current bull cycle.
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