Shiba Inu (SHIB) has experienced an impressive 1088% surge in its burn rate, coinciding with a 4.5% price increase.
The burning process involves sending tokens to a dead wallet, permanently removing them from circulation.
The live price of Shiba Inu (SHIB) today is approximately $0.000015, with a 24-hour trading volume of USD 307 million. It’s worth noting that SHIB has experienced a 6.22% increase in the last 24 hours.
Nearly 100,000 tokens have been burned, bringing the total burned since inception to 410.72 trillion. While increased burn rates typically reduce supply and can boost prices, historical data shows that this correlation isn’t always straightforward, according to Zycrypto.com.
$SHIB (Shiba Inu)'s ≈6X:
Prices of Shiba are currently nearing the converging or breakout point of a massive Falling Wedge pattern on the daily (1d Chart) and with a recent confirmation of a Regular Bullish Divergence, this can be pointing to a bullish breakout!
This can spark… pic.twitter.com/sAUSyrH4q0
— JAVON⚡️MARKS (@JavonTM1) August 17, 2024
However, the recent price increase indicates growing demand, which, combined with the rising burn rate, could further boost SHIB’s value.
Additionally, SHIB’s Sharpe ratio has improved, suggesting better profitability for investors. The 4-hour chart shows SHIB trades within an ascending channel, indicating consistent buying interest.
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