Shiba

Token

Burn

Shiba Inu

You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/shiba-inus-price-surge-accompanied-by-a-sharp-increase-in-token-burn-rate/" data-wpel-link="internal">Shiba Inu’s Price Surge Accompanied by a Sharp Increase in Token Burn Rate</a> 
Often referred to as the “<a href="https://en.coin-turk.com/significant-activity-detected-in-old-dogecoin-wallet/" data-wpel-link="internal">Dogecoin</a> killer,” <a href="https://en.coin-turk.com/binances-reserves-hold-601-57-million-worth-of-shiba-inu-shib/" data-wpel-link="internal">Shiba</a> Inu‘s (SHIB) price has seen a significant increase in the last 24 hours, coinciding with a notable 1,300% increase in the SHIB burn rate. This rise has caught the attention of investors, especially after the <a href="https://coin-turk.com/rippledan-sec-hakkinda-yeni-aciklama-hicbir-etkisi-olmadi" data-wpel-link="internal">altcoin</a>‘s price correction to $0.000024 last month. Moreover, with Shiba Inu’s price recovery and its approach to the $0.00003 level, interest in the altcoin seems to be resurging. 
<h2 style="text-align: justify" id="strong-shib-burn-rate-increases-alongside-price-strong">SHIB Burn Rate Increases Alongside Price</h2> 
According to data provided by Shibburn, Shiba Inu’s token burn rate has astonishingly increased by 1,344.14%, resulting in the burning of 135.45 million SHIB in the last 24 hours, thus reducing its circulation. This increase in the token burn rate is providing support for Shiba Inu amidst market fluctuations. 
<img loading="lazy" loading="lazy" decoding="async" class="aligncenter wp-image-338969" src="https://coin-turk.com/wp-content/uploads/2024/04/Altcoin-Shiba-SHIB.png" alt="" width="550" height="685"> 
Despite notable fluctuations in recent days, Shiba Inu’s on-chain data currently indicates a strong upward trend in market sentiment surrounding the altcoin. According to the latest data, Shiba Inu’s market value has increased by 2.28% to $16.81 billion, while its 24-hour trading volume has risen by 12.63% to $668.27 million. These metrics have fueled optimism among investors despite the recent price swings. 
Market observers consider SHIB’s listing on Nexo, a leading international cryptocurrency exchange, to have contributed to the recent price increase. This listing has extended SHIB’s accessibility to a broader audience of traders and investors, potentially generating more demand. 
<h2 style="text-align: justify" id="strong-high-activity-in-derivatives-market-strong">High Activity in Derivatives Market</h2> 
The recent price surge in SHIB, reflecting a 6% increase in the last 24 hours, is accompanied by various bullish factors, including a significant increase in the observed token burn rate. Additionally, data from Coinglass indicates a 4.93% increase in SHIB’s open interest in the derivatives market and a 10.26% jump in derivatives volume. 
A technical perspective on the <a href="https://coin-turk.com/sicak-gelisme-binance-floki-ve-pepeyi-listeliyor" data-wpel-link="internal">altcoin</a> shows that $0.000029 is an important resistance level. Overcoming this resistance, especially with ongoing SHIB burns and increased buying pressure in the market, could pave the way for further gains. 
As the 4th <a href="https://en.coin-turk.com/could-bitcoin-drop-to-45000/" data-wpel-link="internal">Bitcoin</a> block reward halving approaches, investors continue to focus on altcoins, and Shiba Inu’s recent price rise in SHIB serves as a beacon of hope for those expecting further growth in the cryptocurrency market. 
<h5>The post first appeared on COINTURK NEWS: <a href="https://en.coin-turk.com/shiba-inus-price-surge-accompanied-by-a-sharp-increase-in-token-burn-rate/" data-wpel-link="internal">Shiba Inu’s Price Surge Accompanied by a Sharp Increase in Token Burn Rate</a></h5>

Shiba Inu’s Price Surge Accompanied by a Sharp Increase in Token Burn Rate

Table of Contents

COINTURK NEWS

Andre artikler udgivet 9. apr. 2024

Chainalysis Recruit Ex-IRS Chief to Fight Crypto Crimes

Investor Optimism Surges as $680 Million Worth of Chainlink (LINK) Tokens Near Profit

PYUSD Stablecoin Market Share Drops to 0.18%

Deutsche Bank Survey Reveals Shifting Attitudes and Price Projections for Bitcoin

Polkadot & Litecoin Markets Rally to DeeStream Presale Eyeing Major Gains in the Streaming Sector...

BV Bank Innovates Car Sales in Brazil with Digital Tokens

Join our free newsletter for daily crypto updates!