Referred to as the "Dogecoin killer," Shiba Inu (SHIB) has experienced a significant increase in its token burn rate, sparking optimism in the altcoin community. Despite this surge, the token's price movement today shows a mixed picture, as it has slightly decreased after reaching a peak recently. This situation is influenced by the broader market trend affecting major cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH).
Token Burn Rate Surges by 1055%
Shibburn's data reveals a remarkable 1055% surge in Shiba Inu's token burn rate in the past 24 hours. Approximately 50.90 million tokens have been burned by the community, leading to a reduction in the overall supply.
While an increase in token burn rate typically excites investors, SHIB's price movement today is more nuanced. Despite a rise to $0.00003147 in the last day, the token is currently experiencing a slight decline, trading at around $0.000030. This discrepancy has sparked speculations about the future market dynamics of the altcoin.
There has been a 2.15% decline in Shiba Inu's price over the past 24 hours, with the token now trading at $0.00003035. This decrease is accompanied by a drop in open interest and trading volume in the derivatives market, indicating reduced market activity and investor interest in the altcoin. Nonetheless, the Relative Strength Index (RSI) suggests that the asset has not reached oversold levels yet, hinting at potential price stability or recovery in the near future.
Analysts Anticipate Rally
Given the Shiba Inu community's ongoing efforts in token burning and network development, some analysts maintain a positive outlook on the altcoin's price potential. Historical patterns suggest a potential recovery, with expectations of a 16% rally towards resistance levels at $0.0000345 and $0.000038.
