- Shiba Inu coin burns 140 million SHIB within the week, driving market optimism.
- SHIB’s weekly burn rate increased significantly along with its price momentum.
- Market sentiment aims for a potential price target of $0.0000369 for SHIB.
Shiba Inu coin sees a substantial burn this week, boosting market optimism for hitting a price target of $0.0000369.
Shiba Inu Records Significant Weekly SHIB Burn
According to data from Shibburn, Shiba Inu witnessed an impressive burning of 140.74 million SHIB over the past week. This has led to a remarkable 122.54% increase in the weekly burn rate. Furthermore, the data showed a sharp 229.57% hike in the 24-hour burn rate, attributable to the 3.77 million SHIB incinerated in the last day alone.
Impact of SHIB Burn on Market Dynamics
The SHIB burn mechanism continues to play a crucial role in reducing the circulating supply of the meme coin. This week’s activities have brought the total supply down to 589.27 trillion SHIB. Such reductions are a positive indicator of future stability and growth potential, adhering to the basic principles of supply and demand. Additionally, the number of Shiba Inu holders has steadily increased, with the current count standing at 1.4 million as of July 27, according to Etherscan.
SHIB Price Momentum and Market Sentiment
Alongside the decreasing supply, SHIB’s price has shown upward movement. The coin gained 2.57% in the last 24 hours to reach $0.00001719, trading between a 24-hour low of $0.00001667 and a high of $0.00001726. With a strong hold above the critical support level of $0.00001361, market sentiment remains optimistic.
Technical Indicators and Future Outlook
Coinglass data revealed a 14.36% increase in SHIB futures’ open interest (OI), now at $40.96 million. This suggests a favorable market trend, especially when coupled with the current price surge. The 4-hour and 1-hour charts reflect continued spikes in OI, with gains of 2.32% and 0.89% respectively. These figures, along with the SHIB burn’s ongoing impact on supply, paint a decidedly bullish picture for the token’s price trajectory.
Conclusion
In conclusion, the significant weekly burn of SHIB has not only reduced its supply but has also bolstered market sentiment. Coupled with robust price momentum and technical indicators, the prospects of reaching the $0.0000369 price target appear promising. Investors should continue to monitor these trends to make informed decisions about potential future gains in the Shiba Inu market.
