The Shiba Inu token’s burn rate increased by 800% on Monday, creating mild optimism among investors despite the pre-FOMC market decline. Approximately 6 million tokens have been removed from circulation in the last 24 hours. However, the 5% decline in the SHIB price on a daily basis along with the general market decline increased uncertainty about the future.
Shiba Inu Burn Rate Increased by 800%: 6 Million Tokens Destroyed
According to the latest data provided by Shibburn, the Shiba Inu cremation rate has increased by 856% on a daily basis. The removal of 6.27 million tokens from circulation stood out as one of the main reasons for this increase.
Meme Crypto Market Drops Ahead of FOMC
However, the current overall market decline has pushed meme coins like Shiba Inu to move contrary to usual market sentiments. In particular, an alarming decline was observed in the meme crypto market on Sunday, in line with the decline in broader cryptocurrency prices. This decline is associated with market participants’ cautious approach to risk assets ahead of the FOMC on January 29.
Expectations for SHIB Price
As mentioned in the report, SHIB price is currently trading at $0.00001796, losing 10% in value. Known crypto market analyst Ali Martinez said, “0.0000185 to 0.0000212 stands out as the most critical support band for the token.” He commented:
Ali Martinez: “Between 0.0000185 and 0.0000212 is the most critical support band for the token.”
Investors are being cautious as the current price level is well below this range. However, a Shiba Inu price analysis by CoinGape gave hope for future activity, revealing that top investors have accumulated approximately 30 trillion tokens.
LUCIE, Meme coin’s marketing lead, said during the market crash, “The Shib Ecosystem is still building solidly.” He made a statement. This statement was considered as a sign that developments in the ecosystem could occur soon.
In light of recent developments, market participants continue to closely monitor the token’s price movements ahead of the FOMC and in line with developments in the ecosystem.
Conclusion: An increase in the Shiba Inu burn rate could reduce the supply of tokens, supporting a potential price increase. However, the overall market decline and pre-FOMC uncertainties make it difficult to paint a clear picture of SHIB’s future. Investors can make more informed decisions by following the owners’ savings and developments in the ecosystem.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
