Coin Edition -
- Shiba Inu burn rate spikes by 5569.31%, reducing token supply and fueling hopes for a price rebound.
- Market expert Ali Martinez identifies a buy signal on SHIB’s daily chart, indicating potential reversal.
- Despite recent price declines, SHIB’s burn rate surge aligns with deflationary strategy, sparking optimism among investors.
The Shiba Inu (SHIB) community has witnessed a rise in the token burn rate, with a reported 5569.31% increase over the past 24 hours, according to data from Shibburn.
During this period, 11.93 million SHIB tokens were burned, reducing the total circulating supply. Notably, a single wallet, identified by the address 0x608…, contributed significantly by burning 10.15 million tokens across two transactions.
Shiba Inu Burn rate (Source: Shibburn)
Despite the downward trend in SHIB’s price, the increased burn rate has sparked optimism among traders and investors. The principle of supply and demand suggests that reducing the supply of an asset, while maintaining or increasing demand, can lead to price increases.
Moreover, this has led market experts, such as Ali Martinez, to predict a potential rebound in SHIB’s value. Martinez identified a buy signal on the SHIB daily chart using the TD Sequential indicator, suggesting a possible reversal in the token’s downtrend.
#ShibaInu might be primed for a rebound as the TD Sequential indicates a buy signal on the $SHIB daily chart! pic.twitter.com/jwZ3UbJQ1N— Ali (@ali_charts) June 15, 2024
Shiba Inu’s price has been on a decline recently, dropping below the $0.00002 mark. As of press time, SHIB is priced at $0.000018, marking a 11.12% decrease over the past 24 hours. Despite a brief sign of recovery on June 16, the token has continued to fall. However, the recent surge in the burn rate has fueled hopes for a potential recovery.
The burn rate surge aligns with Shiba Inu’s deflationary strategy aimed at reducing the total number of tokens in circulation. This strategy is seen as a potential catalyst for boosting the token’s value. The recent significant burn activities, coupled with positive market sentiment, have generated a wave of optimism within the SHIB community.
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