According to a recent CNF update, the Shiba Inu (SHIB) burn rate has surged over 14,000%, contributing to a slight price increase
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Shiba Inu (SHIB) has seen a remarkable surge in its burn rate of over 14,000%, contributing to a slight price increase. At the time of writing, SHIB is trading at $0.0000133, reflecting a 1.63% gain in the past 24 hours and a 1.82% increase over the past week, according to CoinMarketCap.
SHIB is breaking upwards from a falling wedge pattern, which is typically a bullish signal (green line). If this breakout is confirmed, SHIB could test $0.0000161 and potentially rally by 156%, targeting $0.0000342, especially if increased buying activity follows.
Shiba Inu Price Chart - SHIB/USD 4 Hour Price Chart from TradingView
Shiba Inu Burn Rate Soars 14,000%
One key factor that could be driving SHIB's potential rally is its burn rate, which has soared by over 14,000% in the past 24 hours. This massive increase is largely due to the growing utilization of the Shibarium network, which is reducing SHIB's overall supply and potentially boosting its value.
As evident on Shibburn, a total of 303,133,333 SHIB have been burned in the past 24 hours, via 11 transactions. Notably, the burn rate has varied significantly throughout the day, with large burns occurring periodically.
Overall, a high burn rate is generally viewed as favorable by cryptocurrency enthusiasts, as it reduces the total supply of a particular token and can contribute to its price appreciation, especially if demand remains strong.
Shiba Inu Community Anticipates TREAT Token IntegrationSHIB's Marketing Lead Provides Insightful Tweet In a recent tweet from Shiba Inu's Marketing Lead, Lucie, the upcoming TREAT token is set to play a crucial role in the evolution of Shiba Inu's ecosystem.
Shib’s ecosystem on the brink of a mysterious evolution, with TREAT at the center of it all. Though details remain scarce, it’s rumored that TREAT will unlock Shib’s metaverse, granting access to a world that’s yet to… pic.twitter.com/y1T2ttu5us
— ????Ｅ (@LucieSHIB) September 17, 2024
While rumors abound regarding TREAT's specific functionalities, one prevailing theory suggests that it will hold the key to unlocking Shiba Inu's metaverse. As the community eagerly awaits further updates and the token's integration, it remains a subject of great anticipation among SHIB enthusiasts.
Shiba Inu Developers Unable To Alter Total SHIB SupplyAs highlighted in another recent CNF report, Shiba Inu's marketing lead, Lucie, addressed the community's requests to alter the total SHIB supply, currently standing at 589 trillion. In response to these inquiries, Lucie stated that the developers are unable to make any changes to the total supply.
Moreover, Lucie also outlined a growth plan for the SHIB ecosystem, which notably includes expanding governance and utility aspects through Shibarium, while also highlighting the TREAT token's role in this transformation.
This marks a positive beginning of an exciting new chapter for the Shiba Inu market, with traders and investors keeping a close eye on SHIB's price movements and the upcoming developments within the SHIB ecosystem, as we head towards the end of 2024.
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