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In an astonishing development within the cryptocurrency market, Shiba Inu (SHIB) has seen its burn rate skyrocket by an impressive 191.69% over the last 24 hours. According to the latest data from Shibburn, a staggering 7.65 million SHIB tokens have been incinerated during this period. This dramatic increase in the burn rate signals a significant reduction in the token’s overall supply, fueling speculations of potential price increases in the near future.
As of the latest reports, a total of 410.7 trillion SHIB tokens have been permanently removed from circulation. This leaves the current circulating supply of SHIB at approximately 581.36 trillion tokens. The initiative to reduce the supply of SHIB through burning is seen as a strategic move to enhance its scarcity and, consequently, its value over time.
Shiba Inu’s bullish indicators
Parallel to the surge in the burn rate, SHIB’s market performance has also seen positive movements. The token’s current price stands at $0.000009378, marking a 2.00% increase in the last 24 hours. This uptick in price is mirrored by the cryptocurrency’s market capitalization, which has also risen by 2% within the same time frame, now valuing SHIB at $5.53 billion.
The rise in SHIB’s open interest further accentuates the growing investor interest in this meme coin. According to data from Coinglass, open interest in Shiba Inu has surged by 1.64% to $24.59 million in the last 24 hours. A breakdown of this interest across various exchanges reveals that $8.81 million is on OKX, followed by $7.51 million on Huobi, and $5.91 million on Bitget, with the remainder distributed among other platforms.
This spike in both the burn rate and market metrics indicates a robust and growing ecosystem around Shiba Inu. Investors and SHIB enthusiasts are closely monitoring these developments, as they could potentially herald a new era of growth and profitability for the token. The community’s active participation in burning events and the market’s positive reaction to these burns suggests a bullish outlook for SHIB in the near term.