Shiba Inu Coin Surges As 360M SHIB Burnt Over The Week, More Steam Left?

Shiba Inu meme coin attracted a lot of optimism today, rising by over 10% on the back of a massive SHIB burn. It has been recorded that around 360 million coins were destroyed in the past 7 days, which has a positive impact on the market performance of the meme coin.

This record has led to speculative rumors swirling about the asset’s potential for future profits. Let’s take a closer look at SHIB’s current market performance and what it suggests for future trends.

360 million coins are out of supply

Notably, X tracker Shibburn revealed that 360.35 million Shiba Inu coins have been burned in the past week, causing the weekly burn rate to spike by 418%.

Meanwhile, normal market sentiment has turned bullish, coinciding with a surge in price and burn rate. Shiba Inu supply has taken a big hit as the token burn mechanism continues to kill SHIB.

At the time of writing, the total supply is estimated at 589.27 trillion SHIB. It is also worth noting that the memecoin community recorded a 3.84 million token burn today.

Price of Shiba Inu

In line with recent market-wide trends, this trajectory has weakened significantly, but today was a bright spot as burn rates surged and the industry as a whole showed signs of recovery.

Notably, SHIB has reversed yesterday’s losses and is trading mainly in the positive.

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SHIB prices rise

At the time of writing, SHIB price has increased by 15.30% over the past day to reach $0.00001539. The lowest and highest prices in the past 24 hours were $0.00001296 and $0.00001546, respectively.

SHIB futures OI rose 8.45% to $34.53 million, further signaling growing investor interest in the asset. However, derivatives trading volume fell 28.62% to $213.2 million.

The RSI, in contrast, is hovering around 30, suggesting downward pressure on the asset. The data casts a cloud of mystery over the meme coin’s future price movements.

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