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Shiba Inu Community Burns 87 Million SHIB, Sparking Speculation on Price Rebound
The Shiba Inu community has made significant progress in burning a substantial number of SHIB tokens in the last seven days. The objective behind this move is to decrease the circulating supply and create scarcity, ultimately driving up SHIB prices by leveraging the concept of supply and demand. As a result, it is anticipated that SHIB prices will experience a rebound in the coming days.
Shiba Inu Community Burns 87 Million SHIB
In the past week, the Shiba Inu community has burned as many as 87,175,135 SHIB tokens. This represents a 52.74% increase in burn rate, with a notable 90.17% decline in burn rate over the last 24 hours. According to an early report, the burn rate had declined by 72% in a single day, sparking speculation over its impact on SHIB prices. SHIB’s circulating supply now stands at 589.25 trillion.
Effect on SHIB Price
SHIB prices have reacted positively to this development, exhibiting an uptick of 1.33% over the last 24 hours. However, SHIB prices remain significantly down by 9.52% in the last seven days and 23.63% in the last month. The 24-hour trading volume has also taken a hit of 10.29%, while Open Interest has gained 31.32%. Overall, sentiments towards SHIB are bearish, with an FGI of 69 points and volatility of around 10.09%.
What’s Next for the Shiba Inu Community?
Two key factors are at play for the Shiba Inu community, namely drawing speculation for future SHIB prices and the launch of the TREAT token. SHIB prices, according to Coincodex, may grow by almost 0.52% to touch the value of $0.00002216 in the next 30 days. The nearest speculation is extremely bullish, with a growth of 105.39% in the picture. It is essential to note that the crypto market is highly volatile, and price movements could go North or South at any moment.
Conclusion
In conclusion, the Shiba Inu community’s efforts to burn SHIB tokens have led to a significant decrease in circulating supply, which is expected to drive up SHIB prices. The community’s optimism is further fueled by the impending launch of the TREAT token, which is predicted to revolutionize the Shiba Inu ecosystem. As the crypto market remains volatile, investors are advised to conduct thorough market research before making any investment decisions.
FAQs
Q: What is the current circulating supply of SHIB?
A: The current circulating supply of SHIB is 589.25 trillion.
Q: How much SHIB has been burned in the last week?
A: A total of 87,175,135 SHIB has been burned in the last week, representing a 52.74% increase in burn rate.
Q: What is the current price of SHIB?
A: The current price of SHIB is $0.00002134.
Q: What is the expected growth rate of SHIB in the next 30 days?
A: According to Coincodex, SHIB prices are expected to grow by almost 0.52% to touch the value of $0.00002216 in the next 30 days.
Q: When is the launch of the TREAT token expected?
A: The launch of the TREAT token is scheduled to take place on January 14, 2025.
