In the last 24 hours, Shiba Inu's token burn rate surged by 567.83%, contributing to a 10% price increase.
Sharp Increase in Token Burn
According to Shibburn data, Shiba Inu's token burn rate has dramatically increased by 567.83% in just one day, with 4.61 million tokens removed from circulation. The contraction in token supply has emerged as a pivotal factor affecting price pressures within the token economy.
Price Movements and Market Expectations
Shiba Inu's daily price increased by 10%, reaching a level of $0.00001560. Throughout the day, the token traded within a range of $0.00001358 to $0.00001691. Technical analyses suggest that the $0.000015 mark is a critical support point.
Investment Prospects
Large-scale investors have been observed adding the token to their long-term portfolios. The combination of low supply and rising demand is expected to propel the token to new heights. However, high market volatility could lead to short-term corrections.
The reduction in Shiba Inu token supply plays a crucial role in maintaining its value, though market players must also account for potential short-term fluctuations.
