Shiba

Burn

Millions

Security

Shiba Inu

The Shiba Inu coin has slipped back to the $0.000016 price level today, riding along the broader market downtrend. However, a colossal 7300% surge in the SHIB burn rate appears to have ignited optimism over the token’s future price movements. Notably, data by Shibburn revealed that millions of coins were burnt in the past 24 hours. Simultaneously, the continued burning sparked market speculation over SHIB’s potential to hit the maximum price target of $0.0000377 in August.
<h2 id="shib-burn-destroys-millions-of-coins">SHIB Burn Destroys Millions of Coins</h2>
According to the insights streamlined by the tracker Shibburn today, July 29, the burn rate soared a whopping 7334.38% in the past 24 hours, with 2.37 million coins destroyed. With this burning, the Shiba Inu coin’s total supply was trimmed to 589.27 trillion SHIB.
Meanwhile, the <a href="https://coingape.com/top-dog-themed-memecoins/" target="_blank" rel="noopener noreferrer nofollow">dog-themed meme coin</a> noted the incineration of 70.44 million SHIB over the past seven days. However, SHIB’s price trajectory conversely moved sideways with a waning momentum in the interim.
Intriguingly, the SHIB token witnessed over 140 million SHIB the last week, despite which the price failed to gain an upward momentum. Crypto market participants speculate as the price defies usual market dynamics, showcasing turbulence despite supply decrease.
Also Read: <a href="https://coingape.com/sec-amends-binance-lawsuit-no-longer-consider-solana-as-security/" target="_blank" rel="noopener noreferrer nofollow">US SEC Amends Binance Lawsuit, No Longer Consider Solana As Security</a>
<h2 id="shiba-inu-coin-slips">Shiba Inu Coin Slips</h2>
Meanwhile, at press time, <a href="https://coingape.com/price/shiba-inu/" target="_blank" rel="noopener noreferrer nofollow">SHIB price</a> noted a dip of 3.04% to 0.00001673. Its 24-hour bottoms and peaks were recorded as $0.00001653 and $0.00001729, respectively.
Despite the remarkable burning chronicles seen in recent days, the Shiba Inu coin has slipped from a high of $0.00002 recorded on July 16 to the $0.000016 price level as of today, raising investor concerns. However, a recent <a href="https://coingape.com/markets/shiba-inu-price-to-escape-end-5-month-correction-breakout/" target="_blank" rel="noopener noreferrer nofollow">SHIB price analysis</a> by CoinGape shows that the coin is experiencing a steady downtrend, fluxing between the two converging trend lines of the falling wedge pattern.
This indicates the maturity of the downtrend, paving the path for a potential pump.
Moreover, SHIB’s futures OI jumped 0.81% to $41.56 million today, per Coinglass data, underscoring a slight increase in investor interest around the asset. Additionally, the trading activity rose considerably, as illustrated by the derivatives volume spike of 42.52% to $68.79 million. This data has contrastingly sparked optimistic sentiments for the asset among crypto market participants despite its recent waning action.
A recent <a href="https://coingape.com/price-predictions/shiba-inu-shib-price-prediction/" target="_blank" rel="noopener noreferrer nofollow">Shiba Inu coin price prediction</a> by CoinGape media shows that the weekly time frame chart underscores the formation of a rounding bottom pattern. This further solidifies the sentiments of a bottoming downtrend, paving the way for renewed buying interest. Coupled with the abovementioned SHIB burn surge, current market stats have painted an optimistic picture for SHIB’s future, hinting that a potential $0.0000377 price target spotlighted by CoinGape is scalable in August.
Also Read: <a href="https://coingape.com/breaking-mt-gox-prepares-to-move-the-rest-of-80-5k-bitcoins-btc-under-pressure/" target="_blank" rel="noopener noreferrer nofollow">Mt. Gox Prepares to Move the Rest of 80.5K Bitcoins, BTC Under Pressure</a>
The post <a href="https://coingape.com/shiba-inu-coin-shib-burn-skyrockets-7300-hinting-breakout-ahead/" rel="noopener noreferrer nofollow">Shiba Inu Coin: SHIB Burn Skyrockets 7300% Hinting Breakout Ahead?</a> appeared first on <a href="https://coingape.com" rel="noopener noreferrer nofollow">CoinGape</a>.

Shiba Inu Coin: SHIB Burn Skyrockets 7300% Hinting Breakout Ahead?

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