Ethereum-based meme coin Shiba Inu has seen a meteoric rise in its burn rate today, April 3, amid a flurry of optimism amid recent high-profile price corrections within the crypto industry. , and attracted a lot of attention from investors. Insights revealed by Memecoin’s burn tracker highlighted a nearly 4000% increase in SHIB burn rate over the past 24 hours, adding a tinge of optimism towards the token.
Meanwhile, SHIB traded in the red today, in contrast to the momentum created by the sharp rise in burn rates. As mentioned above, the token has fallen significantly to the $0.000026 level, reflecting the results of the correction in the crypto market. However, the 4000% increase in memecoin’s burn rate seems to have sent the entire crypto world into a frenzy, fueling speculation about stronger price action in the future.
Shiba Inu’s 4K% burn increase sparks investor enthusiasm
According to the insights revealed by Siburn, the 4093% increase in burn rate is mainly due to 154.99 million SHIBs destroyed in the last 24 hours. Additionally, the memecoin community recorded a whopping 312.03 million SHIB being burned in the past seven days, further reinforcing the whispers of optimism for the token in the market.
Although the price showed a significant decline and reached $0.000026, the aforementioned rise in SHIB burn added a tinge of optimism to the dog-based meme token. This optimism primarily manifests itself when the market supply of meme coins decreases, mitigating the decline in SHIB and its tokenomics.
Meanwhile, on-chain data has further sparked a swirl of speculation regarding future Shiba Inu price trends.
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shiba inu slip
At the time of writing, the price of the Shiba Inu token has fallen by 0.24% in the past 24 hours and is currently trading at $0.00002689. Open interest decreased by 1.55% and derivative trading volume decreased by 11.96%. coin glassAccording to data, memecoin entered a bearish phase today as investors showed a decline in interest and market participation in this asset.
However, with token supply continually being blown out within the broader crypto market, crypto enthusiasts predict a time will come when market buying pressure will significantly support SHIB’s price action. . Nevertheless, if supply pressure from the broader market continues, Shiba Inu price will retest the 61.8% FIB level at $0.00002368, according to CoinGape Media analysis.
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