The cryptocurrency market is abuzz with excitement as Shiba Inu (SHIB) continues to make headlines. The latest data from Shibburn reveals a staggering 1,000% increase in its burn rate, accompanied by a nearly 7% rise in the value of this popular meme coin. As the cryptocurrency sector gains more confidence, market observers are keenly analyzing what these developments could mean for the future trajectory of SHIB.
Over 6 Million SHIB Incinerated
The Shiba Inu community’s unwavering commitment to reducing the token supply is evident in the recent surge in the burn rate. Shibburn’s statistics indicate that in just the last 24 hours, approximately 6.54 million SHIB tokens were incinerated. This reduction in supply often signals a positive trend for the token’s future.
Supply reductions like these are frequently associated with bullish trends. The SHIB community appears to be rallying behind this initiative, hoping to boost the token’s price. Analyst Alan Santana has suggested that now might be an opportune time to invest in altcoins, as the market approaches its final accumulation phase for 2024.
Altcoins: Shiba Inu Long-Term Bull-Market Accumulation Zone to Become Active
As we approach 2025, the altcoins market is gearing up for its last accumulation phase of 2024. This period presents a final opportunity to purchase at lower prices before the anticipated market surge in 2025.
Burn Rate Increases Local Support
In the past week, nearly 26.63 million SHIB tokens have been incinerated, resulting in heightened optimism among investors. From the initial supply, 410.73 trillion SHIB tokens have already been destroyed, leaving a still significant 583.51 trillion tokens in circulation.
The SHIB community remains optimistic that the meme coin will surpass expectations in the coming weeks or months. Despite the current market volatility and geopolitical tensions, particularly in the Middle East, Santana suggests that investors should remain calm. Cryptocurrencies have the potential to deliver unexpected surprises.
The collaborative efforts within the Shiba Inu community to limit the supply have garnered significant attention. Investors are closely monitoring whether the recent price appreciation is linked to the increased burn activity. As 2025 draws near, there is anticipation and hope for a major breakout.
Shiba Inu Price Action
Shiba Inu’s current price hovers around $0.00001594, marking a 1.40% decrease from its price a day ago and a 5.40% decrease over the past week. Despite recent fluctuations, the trading volume of approximately $784 million within a 24-hour period demonstrates that the community remains active and engaged.
