In a surprising turn of events, Shiba Inu (SHIB) has experienced a remarkable 191.69% increase in its burn rate over the last 24 hours, as reported by Shibburn. A staggering 7.65 million SHIB tokens have been destroyed during this period, significantly reducing the token’s overall supply.
With a total of 410.7 trillion SHIB tokens permanently removed from circulation, the current circulating supply stands at approximately 581.36 trillion tokens. This strategic initiative to enhance SHIB’s scarcity through burning has fueled speculations of potential price increases in the near future.
Positive Market Movements and Growing Interest in SHIB
Alongside the surge in the burn rate, Shiba Inu (SHIB) has demonstrated positive movements in its market performance. Currently priced at $0.000009378, SHIB has experienced a 2.00% increase in the last 24 hours. Correspondingly, its market capitalization has risen by 2% within the same timeframe, now valuing SHIB at $5.53 billion.
The rise in SHIB’s open interest reflects the increasing investor interest in this meme coin. Coinglass data indicates a 1.64% surge in open interest in Shiba Inu, reaching $24.59 million in the last 24 hours. Notably, significant portions of this interest are observed on exchanges such as OKX, Huobi, and Bitget.
The simultaneous spike in the burn rate and market metrics underscores a robust and growing ecosystem surrounding Shiba Inu. Investors and SHIB enthusiasts are closely monitoring these developments, anticipating a potential new phase of growth and profitability for the token. The community’s active participation in burning events and the market’s positive response suggest a bullish outlook for SHIB in the near term.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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