Shiba

Dogecoin

PEPE

Shiba Inu

<ul>
 <li>Shiba Inu burn rate surged 33,000%, reducing its supply by 1.88 trillion SHIB and boosting its price by over 20% in 24 hours.&nbsp;&nbsp;</li>  
 <li>Dogecoin and PEPE followed SHIB’s lead, with prices rising by 11% and 18%, respectively, reflecting bullish sentiment in the meme coin sector.&nbsp;&nbsp;</li>  
 <li>Shiba Inu futures open interest grew 55% to $65.14M, and derivatives trading volume surged 338% to $679.77M amid rising market interest.&nbsp;</li> 
</ul>  
<p>Shiba Inu saw a dramatic increase in its burn rate, recording a massive 33,000% surge within a single day. On September 27, the Shiba Inu burn mechanism incinerated over 1.88 trillion coins, which drastically reduced the overall supply.&nbsp;</p>  
<p>Consequently, this significant reduction in supply had an immediate impact on the market, sparking a price surge of over 20% for the SHIB token within the past 24 hours. Consequently, the sharp increase in the burn rate and subsequent price rise have fueled optimism among investors.</p>  
<p>According to data from the tracker Shibburn, the total supply of Shiba Inu has dropped significantly to approximately 589.26 trillion SHIB. The burn activity, led by an unknown address responsible for shifting 1.87 billion SHIB to a burn address, played a critical role in the token's surge. These actions have further reinforced the market’s belief in SHIB’s long-term potential, especially as the coin continues to make progress in reducing its circulating supply.</p>  
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper">
  https://twitter.com/shibburn/status/1839515943241646216
 </div>
</figure>  
<h2 class="wp-block-heading" id="h-meme-coins-follow-the-upward-trend"><strong>Meme Coins Follow the Upward Trend</strong></h2>  
<p>Notably, Shiba Inu's remarkable performance was not isolated, as the broader meme coin market reflected similar gains. Dogecoin, another popular meme coin, also rose by 11% within the same 24-hour period, while PEPE gained 18%.&nbsp;</p>  
<p>Hence, these concurrent gains suggest a growing bullish sentiment within the meme coin sector. With Shiba Inu leading the charge, the overall market for meme coins appears to be in a favorable position, benefiting from increased investor confidence and speculative interest.</p>  
<p>Furthermore, Shiba Inu’s burn rate surge and its <a href="https://cryptonewsland.com/shiba-inu-burn-rate-surges-772-impacting-market-movements-and-token-supply/" target="_blank" rel="noopener noreferrer nofollow">influence</a> on the token’s price underscore the importance of such mechanisms in influencing market dynamics. The token’s 21% price jump to $0.00001932 indicates that investors are responding positively to the burn, expecting it to have a lasting impact on the coin’s future trajectory. The market-wide <a href="https://cryptonewsland.com/shiba-inus-burn-rate-surges-over-28000-sparking-renewed-optimism/" rel="noopener noreferrer nofollow">optimism</a> is further reflected in the trading volume for Shiba Inu, which spiked by 223%, reaching over $1.4 billion in intraday trading.</p>  
<h2 class="wp-block-heading" id="h-futures-and-derivatives-see-high-interest"><strong>Futures and Derivatives See High Interest</strong></h2>  
<p>Notably, the recent developments have also triggered <a href="https://cryptonewsland.com/shiba-inu-burn-rate-jumps-by-14500-sparking-optimism-in-tokens-future/" target="_blank" rel="noopener noreferrer nofollow">heightened</a> interest in Shiba Inu futures. Data from Coinglass shows that Shiba Inu futures open interest saw a 55% increase, totaling $65.14 million.&nbsp;</p>  
<p>Moreover, the derivatives market experienced a significant upsurge in trading volume, rising by 338% to reach $679.77 million. These numbers point to an increased level of speculation and confidence in the token’s near-term performance.</p>  
<p>Therefore, the substantial growth in futures and derivatives trading, combined with the surge in SHIB’s price and burn rate, suggests that Shiba Inu is on an upward trend. The meme coin has emerged as one of the top performers in the market, attracting attention from both retail and institutional investors. The combination of strong burn activity, robust trading volume, and increased futures interest hints at continued bullish momentum for Shiba Inu.</p> 
<p>The post <a href="https://cryptonewsland.com/shib-burn-rate-skyrockets-by-33000-as-dogecoin-killer-sparks-meme-coin-surge/" rel="noopener noreferrer nofollow">SHIB Burn Rate Skyrockets by 33,000% as ‘Dogecoin Killer’ Sparks Meme Coin Surge</a> appeared first on <a href="https://cryptonewsland.com" rel="noopener noreferrer nofollow">Crypto News Land</a>.</p>

SHIB Burn Rate Skyrockets by 33,000% as ‘Dogecoin Killer’ Sparks Meme Coin Surge

Table of Contents

Crypto News Land

Autres articles publiés le 27 sept. 2024

See The Best Under $1 Tokens Poised For High Returns By December

APT Price Surges 35% as Bullish Momentum Intensifies

3 XRP Price Levels to Watch Now, Most Important Solana (SOL) Test Coming, Dogecoin's (DOGE) Bigge...

Top 10 Announcements You Missed at 2024 Top Crypto Events: Token 2049 and Solana Breakpoint

Bitcoin Investors Pour $366M into US ETFs as BTC Surges Past $65K

XRP Advocate Foresees Breakout as Token Signals Bullish Momentum

Join our free newsletter for daily crypto updates!