Shiba Inu Burns Surge by Over 800%, Price Action Stalls

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Shiba Inu (SHIB) is experiencing a red-hot burn rate, skyrocketing over 800% after 107 million tokens were incinerated. This aggressive burning suggests potential bullishness for SHIB, despite recent market jitters.

SHIB Adoption on the Rise

The burn rate surge coincides with growing SHIB adoption, particularly evident in its expanding acceptance as a payment method. A recent Web3 food delivery order placed entirely in SHIB exemplifies this growing mainstream acceptance.

Shiba Inu Burn Rate Up 859%

Data from Shibburn tracker reveals a staggering 859.83% increase in the burn rate, primarily driven by the destruction of a whopping 107 million SHIB tokens in the last 24 hours. This relentless burning has taken a total of 410.72 trillion SHIB tokens out of circulation to date.

Market on the Fence About Burn Rate

Despite the impressive burn rate, SHIB’s price has remained relatively stagnant over the past day. This disconnect between burning and price movement has sparked debate about SHIB’s future trajectory. On-chain data reflects this uncertainty, with some traders feeling optimistic due to the burning activity.

SHIB’S Price Holds Steady

SHIB’s price is currently down slightly, trading at $0.00002166, a 0.27% dip from yesterday. Weekly charts paint a similar picture, with a 14.20% correction. However, hourly charts show a 0.41% increase, highlighting the market’s mixed response to the rising burn rate.

Interestingly, the number of Shiba Inu holders has grown to 1.39 million, indicating continued investor interest. This suggests a potential “buy the dip” strategy despite the recent price slump.

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Derivatives Market Reflects Caution

The derivatives market tells a different story, with a noticeable decline in trading activity and investor interest mirroring the price drop. SHIB Futures Open Interest (OI) fell by 1.68%, and the derivatives volume plunged by a significant 64.37%. The Relative Strength Index (RSI) hovering around 38 further suggests a bearish sentiment in the short term.

Shiba Inu: Bullish Potential vs. Market Caution

While Shiba Inu’s aggressive token burning and growing adoption within the crypto ecosystem paint a bullish picture, recent price movements indicate market caution. The increase in holders and continued burning may pave the way for future price rallies, but investors should stay vigilant in this ever-volatile and unpredictable cryptocurrency market.