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140M SHIB Burnt Weekly Projects Optimism, $0.0000369 Possible? – Crypto News

Published

7 months ago

July 27, 2024

Dripp

The Shiba Inu coin has once again fueled a pool of investor optimism, primarily with its burn rate surge and price movements. Today, the SHIB price embarked upon a rising trajectory against the backdrop of hundreds of millions of SHIB burnt over the week. This chronicle has projected a ray of hope on the meme-themed token’s future potential to scale a $0.0000369 price target.

Here’s an in-depth report on the dog-themed meme coin’s latest burn and market statistics, and what it hints for the token’s future run.

Shiba Inu Coin Records 140 SHIB Burnt Over The Week

As per data by Shibburn on X today, July 27, the Shiba Inu coin registered a whopping 140.74 million SHIB burnt over the week. This burn resulted in a 122.54% spike in the coin’s weekly burn rate.

Meanwhile, data for the past 24 hours indicated that the SHIB burn soared 229.57%. This surge is attributable to 3.77 million SHIB burnt over the past day.

The SHIB burn mechanism, which is constantly reducing the coin’s supply, has now brought the meme token’s total supply down to 589.27 trillion SHIB. This reduction is a positive sign for the coin’s future stability and potential growth, abiding by the law of demand and supply. It’s also worth noting that data by Etherscan shows a gradual growth in Shiba Inu coin holders, worth 1.4 million as of today, July 27.

Meanwhile, the SHIB price appears to have levied the bullish aspects mentioned above. With the token’s supply decreasing and holdings increasing, a positive market sentiment is currently present in the market.

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SHIB Price To $0.0000369?

The SHIB price gained 2.57% in the past 24 hours to trade at $0.00001719. Its 24-hour bottoms and peaks were $0.00001667 and $0.00001726, respectively. The Dogecoin rival is currently maintaining its hold above the critical support of $0.00001361.

Simultaneously, Coinglass data revealed a 14.36% surge in SHIB futures OI to $40.96 million, hinting at a market uptrend when coupled with today’s price upswing. Further, the 4-hour and 1-hour charts showed a continued spike in OI, gaining 2.32% and 0.89%, respectively. This data has painted an optimistic scenario over future price movements, further accompanied by the SHIB burn’s continuous supply killing.

Shiba Inu coin price prediction by CoinGape Media further reveals that the technical chart on the weekly time frame underscores the formation of a bullish reversal pattern. This pattern is called the rounding bottom, and offers renewed buying interest to the asset amid a bottoming downtrend, clearing the way for a potential 0.0000369 price target ahead.

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