Shiba Inu Burn Rate Surges: What It Means for the Market
Shiba Inu (SHIB) has recently seen a significant increase in its burn rate, indicating heightened activity within its ecosystem. According to Shibburn, over the last 24 hours, 1,881,699,401 SHIB tokens were burned, marking an astounding 19,930.1% rise.
Additionally, the burn rate over the past seven days rose by 3,482.6%, with 1,916,633,234 SHIB tokens removed from circulation. This sharp increase in token burning suggests a growing demand to reduce the SHIB supply, pointing to an optimistic market sentiment.
SHIB Futures Market Update
CoinGlass has provided an update on SHIB’s futures market. Open interest for SHIB dropped by 8.54% to $68.05 million, indicating that some traders have closed their positions. The Long/Short ratio over the last 24 hours stood at 0.9444, showing that short positions slightly outnumbered long ones. This may signal that some traders expect a market correction, while others remain optimistic about potential price gains.
Current Market Overview
At the time of writing, SHIB is trading at $0.0000195, reflecting a 4.16% loss over the past 24 hours. This modest correction follows a strong seven-day performance where SHIB gained 34.34%. Despite the recent dip, the overall trend suggests that Shiba Inu could be gaining momentum for future price increases.
Moreover, analysts are paying close attention to SHIB's breakout from a “falling wedge” pattern, which is widely considered a bullish indicator. Should SHIB maintain its current course, it has the potential to rise by 360% from its current level.
