- Increasing market interest and adoption rates suggest a bullish breakout for SHIB despite recent price declines.
Shiba Inu burn rate surges by 7,334%, reducing supply and setting the stage for a 2x price rally.
As a seasoned researcher with over a decade of experience in the crypto market, I’ve witnessed numerous bull and bear runs. Having closely followed Shiba Inu (SHIB) since its inception, I must admit that its recent performance has piqued my interest. The surge in burn rate by an impressive 7,334% and the increasing adoption rates indicate a growing confidence in the SHIB market.
The digital currency Shiba Inu (SHIB) appears to be indicating strong potential for a substantial increase, as per technical analysis, which predicts a possible doubling of its current value.
According to cryptocurrency expert Shib Knight, if SHIB follows the gap indicated in the image, its price might surge to approximately $0.00002871 – an increase close to doubling its current value. This pattern combined with growing market enthusiasm points towards a potential bullish breakout in the near future.
$SHIB KNIGHT stated on X,
“$SHIB has a good potential to fill this gap. Target is around 2x from here.”
As a seasoned trader with over a decade of experience in the crypto market, I have learned to read between the lines and anticipate trends before they become mainstream. Based on my observations, I am optimistic about Shiba Inu (SHIB) and its potential price movement. The energy surrounding this coin is palpable, reminiscent of when I first invested in Bitcoin back in 2011. The hype, the community engagement, and the overall market sentiment all point towards a promising future for SHIB. I am excited to see where this journey takes me and my fellow investors.
Current market performance and trading volume
Currently, at the time of reporting, Shiba Inu coins are being exchanged for approximately 0.00001667 USD each, with a trading volume of around $241 million within the last 24 hours. This reflects a decrease of 2.95% over the past day and a drop of 4.00% over the course of the last week.
As a researcher delving into the realm of cryptocurrencies, I’ve observed that although there are momentary ups and downs in the value of Shiba Inu (SHIB), its current market capitalization stands tall at an impressive $9,825,700,912. This substantial figure underscores a robust and sustained interest, as well as active participation, among market participants.
As an analyst, I’ve noticed an impressive surge in the burn rate within the Shiba Inu community, as per Shibburn’s latest data. This surge has propelled the burn metric by a staggering 7,334%, with a total of 2,376,919 SHIB coins being incinerated recently.
As a crypto investor, I notice an escalation in burning activities, which seems like a deliberate strategy to decrease the number of circulating tokens. If successful, this could lead to an increase in the worth of the remaining coins due to reduced supply and potential demand growth.
1-Hour Shiba Inu (SHIB) Report:
TOKENS BURNTPast 24Hrs: 2,376,919 (7334.38% ▲)Past 7 Days: 70,449,169 (-47.83% ▼)
— Shibburn (@shibburn) July 30, 2024
As an analyst, I’ve observed significant instances of ‘burn’ transactions. The most substantial of these events saw approximately 1,000,000 and 897,397 SHIB tokens being permanently removed from circulation.
In summary, approximately 410 trillion Shiba Inu tokens (SHIB) have been permanently removed, leaving a circulating supply of around 583 billion tokens. This reduction comes from the original supply of one quadrillion SHIB.
Over the past week, it’s been observed that the usage of Shiba Inu (SHIB) has significantly grown. On July 18th, its adoption stood at approximately 33%, which spiked to 36.16% by July 25th. This surge suggests a rising curiosity towards SHIB, even amidst recent uncertainties in its price movement.
Bullish breakout ahead for SHIB futures?
With a higher expenditure pace added to the expanding user base, there seems to be an increasing trust in the Shiba Inu (SHIB) market. The liquidation data from Coinglass shows significant liquidation incidents in early March and mid-June, featuring considerable long liquidations during these times.
Additionally, the graph demonstrates regular, modest sell-offs occurring across the remaining period as well.
Read Shiba Inu’s [SHIB] Price Prediction 2024-25
Presently, the Shiba Inu (SHIB) futures open interest amounts to approximately $41.58 million, marking a minor reduction of 0.40%. This indicates that although trading remains active, it has moderated from the high levels observed during mid-July.
A decrease in active positions (open interest) might signal a period of consolidation or lessened speculation among traders in the Shiba Inu (SHIB) futures market.
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2024-07-31 09:12