In the midst of a significant downturn in the cryptocurrency market, Shiba Inu (SHIB) has witnessed an astonishing surge in its burn rate, soaring to an unprecedented 3,963.36% in the last 24 hours, according to data from Shibburn. This surge comes as 1.22 million SHIB tokens were burned, impacting the current circulating supply, which now stands at 581.01 trillion tokens.
HOURLY SHIB UPDATE$SHIB Price: $0.00000958 (1hr -0.47% ▼ | 24hr -9.62% ▼ )
Market Cap: $5,646,637,338 (-9.66% ▼)
Total Supply: 589,301,785,432,436TOKENS BURNT
Past 24Hrs: 1,219,129 (3963.36% ▲)
Past 7 Days: 387,454,937 (-97.76% ▼)— Shibburn (@shibburn) January 4, 2024
Signs of recovery?
The current market price of SHIB is $0.000009603, reflecting an 8.44% decline over the last 24 hours. Despite this recent dip, SHIB has shown resilience over the past 30 days, managing to remain up by 6.57%. Meanwhile, the broader cryptocurrency market has recently experienced a significant shakeout, with a staggering $730 million in liquidations occurring within a single day.
This event marks one of the most challenging days for the industry since 2022, as both long and short positions faced substantial losses, leaving bulls and bears alike in a precarious situation. Returning to the specific dynamics of the Shiba Inu market, a recent report from U.Today suggests that Shiba Inu investor sentiment may change in the coming days.
Crypto analysts believe that the drawdown experienced by SHIB may have reached its limit, and signs of a trend shift are emerging, as indicated by the Bollinger Bands. Currently trading around the lower bands, SHIB has the potential to reverse its course in the near future. As a result, the surge in Shiba Inu’s burn rate is now seen as a significant development that could contribute to a potential trend reversal.
With over a million tokens burned in the last 24 hours, investors and analysts are closely watching for signs of increased scarcity and renewed interest in Shiba Inu. This development could play a crucial role in shaping the trajectory of SHIB in the coming days, as the cryptocurrency market grapples with recent challenges and seeks to find its footing in the new year.
