- Last week, SHIB’s burn rate increased by 338%, drastically lowering its supply to increase its long-term value.
- Crypto enthusiast Andrew Griffiths believes SHIB’s value could soon treble after a “pennant” breakout.
Shiba Inu (SHIB) has been making news lately in the always changing cryptocurrency space with its startling 338% rise in token burn rate.
This calculated action burned a whopping 200,591,910 SHIB tokens over the last week, demonstrating the community’s commitment to increasing the token’s long-term value by lowering its total supply.
Understanding the Burning of SHIB Tokens
In the cryptocurrency market, token burning is a crucial tactic used to increase value by eradicating the number of tokens in circulation.
This is not only standard procedure for Shiba Inu; it is an essential component of their plan to maintain and raise the token’s value. According to Shibburn, the activity this past week was much higher, yet the daily burn rate dropped by 27.27% to just 30,384,330 SHIB tokens burned.
HOURLY SHIB UPDATE$SHIB Price: $0.00002261 (1hr -0.16% â–¼ | 24hr 0.26% â–² )
Market Cap: $13,322,019,514 (0.29% â–²)
Total Supply: 589,273,648,402,449TOKENS BURNT
Past 24Hrs: 30,384,330 (-27.27% â–¼)
Past 7 Days: 200,591,910 (338.77% â–²)— Shibburn (@shibburn) May 12, 2024
A startling 225% rise in large holder inflows significantly complicates the dynamics of the Shiba Inu market.
This indicator of the amount of SHIB entering whale (large holder) addresses points to increasing confidence amongst big investors, in line with what ETHNews previously disclosed.
Together with this, the community is working to increase the usefulness of SHIB through collaboration and innovation in order to sustain strong market momentum.
Important Price Level and Outlook of the Market
Significantly, 54,410 addresses own 45.37 trillion SHIB tokens in the present trading range, indicating a critical support zone between $0.000021 and $0.000023. The price could fall to the next support level of $0.000019 to $0.000021, so maintaining this 45 trillion SHIB level is crucial.
The token meme price as of right now is about $0.00002256, slightly up 0.71% in the last day but down 8.44% in the previous week. This is a sign of slow market speed, as seen in the relatively static growth of new addresses.
But renowned cryptocurrency enthusiast Andrew Griffiths thinks that SHIB is about to make a big move once a “pennant” pattern breaks out. He projects that the value of the token meme may soon double.
#SHI the breakout of this structure "the pennant" is immanent so i do belive in the very near term shiba is a 2x play
and it lead the memes #SHIBUSD
Visit https://t.co/Gg38wPHMeL For Pump Signals, DM me to JOIN pic.twitter.com/cAEgG9cnaA— Andrew Griffiths (@AndrewGriUK) May 11, 2024