In the last 24 hours, the Shiba Inu (SHIB) coin burn rate skyrocketed nearly 570% through four significant transactions, sparking optimism about the possibility of reaching the $0.0001 milestone. The popular meme coin has once again captured the crypto community's attention with these latest developments.
Shiba Inu Coin Burn Rate Spikes Drastically
According to Shibburn, a tracker for Shiba Inu token burns, the burn rate for the meme coin surged nearly 570% on Wednesday, May 22. This substantial increase has reduced Shiba Inu’s market supply, which could positively impact its tokenomics moving forward. In the past 24 hours alone, the burn rate increased by 569.50%, with a total of 12.70 million SHIB tokens being incinerated in several transactions by the community. Four specific wallet addresses were pivotal in this spike.
Notably, the wallet address 0xa9d1… was responsible for transferring 4.6 million SHIB to a dead wallet through two significant transactions. Another wallet, 0x608…, moved 1.01 million SHIB to a dead wallet in the same period. Additionally, the community wallet 0xc66… contributed 1.04 million SHIB tokens to the burn rate. These substantial transactions have collectively reduced the total SHIB supply, now standing at a massive 410.72 trillion.
The reduction in supply is seen as a potential catalyst for increasing the value of SHIB. Lower supply with steady or increased demand typically leads to price appreciation for any asset, including cryptocurrencies. This development has generated optimism within the Shiba Inu community, with traders and investors closely monitoring the coin’s progress.
Will SHIB Surge to $0.0001?
The Shiba Inu price has recently managed to break out from the $0.000025 resistance level. As of the time of writing, the SHIB price was up by 1.39% to $0.00002562 on Wednesday, with a market cap of $15.11 billion. Additionally, the 24-hour trading volume for SHIB spiked by 33.58% to $1.17 billion.
According to Coingape, if SHIB continues to trade above this critical resistance level, it could surge to $0.00003 or even $0.00005. In the long term, a rally to $0.0001 could be possible if the bullish momentum sustains.
Amid this positive sentiment, the SHIB futures open interest also increased by 9.24% to $90.77 million, according to Coinglass. However, long positions dominated liquidations with $471,170 liquidated, potentially pushing the SHIB price into the red. Conversely, shorts accounted for nearly half of these liquidations, making their impact less significant.
As the Shiba Inu community remains optimistic, the market will be closely watching to see if SHIB can maintain its upward trajectory and possibly reach the coveted $0.0001 mark.
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