Shiba Inu (SHIB) is back in the spotlight among global crypto investors. In a notable incident on Wednesday, the coin burn rate increased significantly. According to the latest data, approximately 27 million SHIBs have been removed from circulation. This development raised expectations about the future of meme coin.
Rapid Increase in Burn Rate Renews Confidence
As of October 23, Shiba Inu burn rate has increased by 6750% in the last 24 hours. In the process, 27.10 million coins were removed from the circulating supply. Currently, the total circulating supply of SHIB is around 589.26 trillion. This massive burning created a positive atmosphere in the market.
Weekly data shows that approximately 58 million coins were withdrawn from circulation. As the supply decreases, the expectation that the token may gain value in the future increases, according to the law of demand. However, interest in meme coin is expected to increase further with recent developments.
$0.01 Target for SHIB
However, SHIB price followed a volatile trend today. It dropped by approximately 2.5% to $0.00001806. This decline occurred in line with the general market trend and had a negative impact in the short term, despite the increase in the burn rate.
Lucie, Shiba Inu’s marketing leader, is optimistic. “I believe in this project since 2021, I am sure SHIB will reach the $0.01 target,” he said.
The continuation of incinerations keeps hopes alive about SHIB’s long-term potential.
On the other hand, Coinglass data shows SHIB futures open interest decreased by 5.9% to $52.65 million. Additionally, derivatives volume decreased 22% to $106.71 million. Although these data are consistent with the price decline, the overall picture continues to give positive signals for the future.
The developments in the Shiba Inu’s ecosystem are also remarkable. The increase in activity on Shibarium shows that the meme coin ecosystem is growing solidly.
The decrease in Shiba Inu’s supply and innovations in its ecosystem support the possibility of the token gaining value in the future. This is a hopeful signal for investors. As volatility continues in the crypto market, the increase in burn rate and community support raise hopes that SHIB can succeed in the long term.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
