Shiba Inu Burn Rate Shoots Up 1,000% – Are New ATH Levels Just Around The Corner?

Christian Encila

9 months ago

3 mins read

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Shiba Inu is making waves after wrapping up an astounding 1,000% increase in its burn rate, Shibburn data shows. This has occurred simultaneously with a nearly 7% increase in the value of the meme coin. Market observers are investigating what this may potentially mean for the future of SHIB, especially in light of the increased confidence in the cryptocurrency sector.

Over 6 Million SHIB Incinerated

The Shiba Inu community’s increasing dedication to lower the token supply reflects in the latest burn rate. Shibburn statistics show that during just the past 24 hours, almost 6.54 million SHIB tokens were burned. Usually, this kind of supply-chain cut indicates a positive trend.

Such supply cuts sometimes point to a bullish trend. The people in the SHIB community seem to rally for this cause, hoping to juice up the price of the token. It is a good moment to buy altcoins now before the next big rise, according to analyst Alan Santana, who recently pointed out that the market is approaching its final accumulation for 2024.

#Altcoins ✴️ Shiba Inu Long-Term Bull-Market Accumulation Zone To Become Active

As we get closer and closer to 2025, the Altcoins market is preparing to enter the last accumulation phase of 2024. This will be the last chance to buy at low prices before the major 2025… pic.twitter.com/L2mPYvEyhr

— Alan Santana (@lamatrades1111) October 2, 2024

Burn Rate Increases Local Support

The last week has seen the incineration of almost 26.63 million tokens. Investors are feeling optimistic as a result of this level of activity. From the initial supply, 410.73 trillion SHIB tokens have so far been destroyed. The amount of tokens in circulation, at 583.51 trillion, is still substantial.

SHIB market cap currently at $10.4 billion. Chart: TradingView

The SHIB community is still upbeat that the meme coin will exceed expectations and perform well in the upcoming weeks, or months. Santana’s assessment indicates that the present weak market, particularly the growing turmoil in the Middle East, may cause some disruptions. However, investors shouldn’t worry too much as cryptocurrencies can sometimes bring big surprises.

Many people are keeping a close watch on this since the Shiba Inu community is working together to limit the supply. Does the price appreciation for SHIB have anything to do with the current rush to burn? Investors hold their breath and hope for a breakout as the year 2025 approaches.

Shiba Inu Price Action

Shiba Inu currently hovers at $0.00001594 as the cryptocurrency falls 1.40% from its price a day ago and also lags by 5.40% in the past week. However, it has traded around $784 million in a 24-hour period. While it just had a massive price fluctuation, this trading volume indicates that the community is still active and keen.

Featured image from Pexels, chart from TradingView

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.