One of the most popular dog-themed coins, Shiba Inu, has made headlines once again with a massive surge in its burn rate. The latest update from the Shibburn tracker reveals that over 900 million SHIB have been burned over the past month, June. This massive glimmer of hope for the future price action of the meme coin is taking a vital hit as its supply takes a hit.
So, let’s delve deeper into the Shina Inu market statistics to understand why the market sentiment has turned bullish.
Massive token burning ignites optimism in the market
According to the insights provided by Shipburn
The token burning mechanism burned 918.07 million SHIB over the past month across 237 transactions. This resulted in a 148.69% increase in the monthly Shiba Inu burn rate.
Meanwhile, today’s data revealed that the community witnessed the burning of 301.68 million digital coins, which led to a massive 1,392.60% rise in the daily burning rate.
The total number of coins burned from the initial supply now stands at 410.727 trillion SHIB. As mentioned above, the Shiba Inu supply has taken another big hit, which in turn is a bullish factor for the token.
It is worth noting that with the decrease in supply, the price of SHIB recorded significant gains today, July 1, reflecting the effect of the burn.
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SHIB price increase
At the time of writing, SHIB’s price saw a 3.67% rise to trade at $0.00001735. The 24-hour lows and highs were $0.00001669 and $0.00001756 respectively.
It is also worth noting that the price increase coincides with the recovery of the broader cryptocurrency market. At the same time, the aforementioned high burn rate adds to this.
Coinglass data shows a bullish market trend for Shiba Inu today, with volumes of OI futures and derivatives rising. SHIB OI rose 2.85% to $35.71 million, while volumes increased 61.98% to $72.13 million.
However, the Shiba Inu RSI is holding steady at 34, indicating some downward pressure on the asset. This could lead to volatility in SHIB price action in the short term.
However, the broader market sentiment remains bullish, primarily due to the ongoing massive SHIB burn. Santiment data showing SHIB’s undervalued position in the market is likely to pave the way for a price target of $0.00003, CoinGape Media reported. The massive increase in burn rate reinforces the potential bullish future of Shiba Inu.
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