Shiba

Burn

Optimism

Shiba Inu

<img decoding="async" width="1200" height="686" src="https://coingape.com/wp-content/uploads/2024/02/shiba-inu-burn-2-e1715256094302.jpg" class="attachment-full size-full wp-post-image" alt="Shiba Inu News: 900M SHIB Burn Sparks Optimism Over $0.00003 Price Target Ahead" style="float:right; margin:0 0 10px 10px;">
One of the most popular dog-themed meme coins, Shiba Inu, has once again made headlines with a colossal surge in its burn rate. The latest update from the tracker Shibburn revealed that over 900 million SHIB were burnt over the past month, June. This glimmered immense hope for the meme coin’s future price movements as supply takes a vital hit. 
So, let’s delve deeper into Shina Inu’s market statistics to understand why market sentiments have taken an optimistic turn. 
<h2 id="massive-token-burn-ignites-market-optimism">Massive Token Burn Ignites Market Optimism</h2> 
According to the insights offered by <a rel="nofollow" href="https://www.shibburn.com/" target="_blank">Shibburn</a>, the token burn mechanism incinerated 918.07 million SHIB over the past month via 237 transactions. This gave rise to a 148.69% surge in Shiba Inu’s monthly burn rate. 
Meanwhile, today’s data revealed that the community witnessed the incineration of a staggering 301.68 million coins. This gave rise to a colossal 1392.60% upswing in the daily burn rate. 
<img decoding="async" class="aligncenter wp-image-205220" src="https://coingape.com/wp-content/uploads/2024/07/SHIB-burn-July-1.png" alt="SHIB burn July 1" width="516" height="324" srcset="https://coingape.com/wp-content/uploads/2024/07/SHIB-burn-July-1.png 630w, https://coingape.com/wp-content/uploads/2024/07/SHIB-burn-July-1-300x188.png 300w, https://coingape.com/wp-content/uploads/2024/07/SHIB-burn-July-1-150x94.png 150w" sizes="(max-width: 516px) 100vw, 516px"> 
The total number of coins burned from the initial supply now evaluates to 410.727 trillion SHIB. As mentioned above, Shiba Inu’s supply further takes a massive blow, in turn staging as a bullish factor for the token. 
Notably, as the supply diminishes, SHIB’s price has noted significant gains today, July 1, mirroring the burn’s impact. 
Also Read: <a href="https://coingape.com/eth-price-shoots-5-as-whale-activity-spikes-ahead-of-ethereum-etf-approval/" target="_blank" rel="noopener">ETH Price Surges 5% Amid Increased Whale Activity Ahead of Ethereum ETF Approval</a> 
<h2 id="shib-price-soars">SHIB Price Soars</h2> 
At press time, <a href="https://coingape.com/price/shiba-inu/" target="_blank" rel="noopener">SHIB’s price</a> noted an uptick of 3.67% to trade at $0.00001735. Its 24-hour bottoms and peaks were $0.00001669 and $0.00001756, respectively. 
Also, it’s worth noting that the price upswing coincides with the broader <a href="https://coingape.com/crypto-prices-today-july-1-bitcoin-recovers-63k-altcoin-market-soars/" target="_blank" rel="noopener">crypto market recovery.</a> Meanwhile, the abovementioned burn rate upswing adds to it. 
Coinglass data shows a market uptrend for the Shiba Inu coin today, as its Futures OI and derivatives volume upsurged. SHIB OI was up 2.85% to $35.71 million, whereas the volume rocketed 61.98% to $72.13 million. 
However, Shiba Inu’s RSI rested at 34, hinting at some downside pressure on the asset. This could result in volatility in SHIB’s price movement in the short run. 
However, the broader market sentiments remain optimistic, primarily attributable to the continuous massive <a href="https://coingape.com/shiba-inu-burn-rate-rockets-1100-shibs-climb-to-0-00002-imminent/" target="_blank" rel="noopener">SHIB burning</a>. Also, Santiment’s data showcasing <a href="https://coingape.com/markets/shiba-inu-price-eyes-rally-to-0-00003-in-undervalued-state/" target="_blank" rel="noopener">SHIB’s undervalued position</a> in the market potentially paves the way for a $0.00003 price target, CoinGape Media reported. The colossal spike in the burn rate further bolsters Shiba Inu’s potential bullish future. 
Also Read: <a href="https://coingape.com/ethereum-blockchain-network-boost-with-ssf-roadmap-says-vitalik-buterin/" target="_blank" rel="noopener">Ethereum Network to Get Major Boost With SSF Roadmap, Says Vitalik Buterin</a> 
The post <a href="https://coingape.com/shiba-inu-news-900m-shib-burn-sparks-optimism-over-0-00003-price-target-ahead/">SHIB Price: 900M SHIB Burn Sparks Optimism Over $0.00003 Price Target Ahead</a> appeared first on <a href="https://coingape.com">CoinGape</a>.

SHIB Price: 900M SHIB Burn Sparks Optimism Over $0.00003 Price Target Ahead

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