{"id":353299,"date":"2024-07-27T13:45:22","date_gmt":"2024-07-27T08:15:22","guid":{"rendered":"https:\/\/dripp.zone\/news\/140m-shib-burnt-weekly-projects-optimism-0-0000369-possible-crypto-news\/"},"modified":"2024-07-27T13:52:56","modified_gmt":"2024-07-27T08:22:56","slug":"140m-shib-burnt-weekly-projects-optimism-0-0000369-possible-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/140m-shib-burnt-weekly-projects-optimism-0-0000369-possible-crypto-news\/","title":{"rendered":"140M SHIB Burnt Weekly Projects Optimism, $0.0000369 Possible? – Crypto News"},"content":{"rendered":"

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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\u2019s future potential to scale a $0.0000369 price target.<\/p>\n

Here\u2019s an in-depth report on the dog-themed meme coin\u2019s<\/a>\u00a0latest burn and market statistics, and what it hints for the token\u2019s future run.<\/p>\n

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Shiba Inu Coin Records 140 SHIB Burnt Over The Week<\/h2>\n

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\u2019s weekly burn rate.<\/p>\n

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.<\/p>\n

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The SHIB burn mechanism, which is constantly reducing the coin\u2019s supply, has now brought the meme token\u2019s total supply down to 589.27 trillion SHIB. This reduction is a positive sign for the coin\u2019s future stability and potential growth, abiding by the law of demand and supply. It\u2019s also worth noting that data by Etherscan<\/a> shows a gradual growth in Shiba Inu coin holders, worth 1.4 million as of today, July 27.<\/p>\n

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Meanwhile, the SHIB price appears to have levied the bullish aspects mentioned above. With the token\u2019s supply decreasing and holdings increasing, a positive market sentiment is currently present in the market.<\/p>\n

Also Read: OneMedNet Stock Jumps 22% After $1.8 Million Bitcoin Exposure<\/a><\/strong><\/p>\n

SHIB Price To $0.0000369?<\/h2>\n

The SHIB price<\/a> 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.<\/p>\n

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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\u2019s 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\u2019s continuous supply killing.<\/p>\n

Shiba Inu coin price prediction<\/a> 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.<\/p>\n

Also Read:\u00a0Peter Schiff Slams MicroStrategy\u2019s Michael Saylor Over \u201cBitcoin Pyramid Scheme\u201d<\/a><\/strong><\/p>\n

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