Shiba

Token

Burn

Shiba Inu

You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/shiba-inu-sees-major-surge-in-monthly-token-burn-rate/" data-wpel-link="internal">Shiba Inu Sees Major Surge in Monthly Token Burn Rate</a> 
Often touted as the “<a href="https://en.coin-turk.com/dogecoin-doge-price-predictions-whats-next-for-dogecoin-investors/" data-wpel-link="internal">Dogecoin</a> killer,” <a href="https://en.coin-turk.com/the-future-of-shiba-inu-will-shiba-coin-reach-0-01-factors-to-consider/" data-wpel-link="internal">Shiba</a> Inu (<a href="https://en.coin-turk.com/shiba-inu-shib-gains-momentum-as-investors-eye-new-highs/" data-wpel-link="internal">SHIB</a>) has seen a notable increase in its monthly token burn rate as March ended and April began. This surge has caught the attention of cryptocurrency traders and investors worldwide. 
<h2 style="text-align: justify" id="strong-2330-increase-in-monthly-token-burn-rate-strong">2330% Increase in Monthly Token Burn Rate</h2> 
Throughout the past month, the Shiba Inu community has generated significant excitement among investors, leading to a substantial increase in the token burn rate. This has resulted in an impressive monthly gain of about 130% for Shiba Inu. However, the token has recently entered a period of sideways trading, leading to speculation among cryptocurrency enthusiasts. 
<img loading="lazy" loading="lazy" decoding="async" class="aligncenter size-full wp-image-335793" src="https://coin-turk.com/wp-content/uploads/2024/04/Altcoin-Shiba-Inu-SHIB.png" alt="" width="700" height="500"> 
According to data provided by Shibburn, a platform that tracks Shiba Inu token burns, 15.64 billion SHIB tokens were burned in March, removing them from circulation and marking a significant 2330% increase in the monthly token burn rate. 
This significant token burn rate, achieved through 217 transactions by the community, reflects positive market sentiment due to a considerable reduction in SHIB’s circulating supply. Notably, the total number of SHIB tokens burned from the initial supply has now reached 410.72 trillion. 
<h2 style="text-align: justify" id="strong-current-state-of-the-altcoin-strong">Current State of the Altcoin</h2> 
Despite the optimistic outlook stemming from the increased token burn rate, SHIB’s price has shown volatility in recent days. The altcoin rose to $0.000044 in March, but is currently trading at $0.00002887, down 5.48% in the last 24 hours. This downward trend was particularly noticeable during a consolidation period near the $0.00003 level last week. 
Derivative data for Shiba Inu also indicates a notable decrease in open interest (OI) along with an increase in trading volume. The asset’s OI-weighted funding rate remains relatively low, suggesting a short-term downward trend. Additionally, the Relative Strength Index (RSI) hovers around 56, indicating neither overbought nor oversold conditions for the asset. 
<h5>The post first appeared on COINTURK NEWS: <a href="https://en.coin-turk.com/shiba-inu-sees-major-surge-in-monthly-token-burn-rate/" data-wpel-link="internal">Shiba Inu Sees Major Surge in Monthly Token Burn Rate</a></h5>

Shiba Inu Sees Major Surge in Monthly Token Burn Rate

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