The huge increase in the Shiba Inu (SHIB) kill rate has attracted the attention of investors. Meme token made a positive impact on the market with a burn rate increase of 6200% in just one day. Investors are closely watching the effects of this supply contraction on price. The SHIB price gained 4% with this increase in the burn rate.
Reflections of the Record Increase in Burning Rate
Shiba Inu burned 290 thousand coins in daily transactions on November 18. This represents an increase of 6223% in the last 24 hours. The total supply of the token still stands at 589.26 trillion. However, a total of 135 million SHIBs were removed from the supply in the last week. These developments created a change in the supply-demand balance of the meme token in favor of the investor.
Market experts note that large burn rates generally support token prices. This dramatic increase in the slaughter rate is increasing investor interest in Shiba Inu in particular. It is known that such supply contractions have an impact on price movements in the bull market.
Experts observe that investor demand continues to increase as supply decreases. This increase in the slaughter rate may mark a new era in the market dynamics of the Shiba Inu.
SHIB Price and Increase in Investor Interest
Shiba Inu is trading at $0.00002511 as of press time. The lowest level of the token in the last 24 hours was recorded as $0.00002403 and the highest level was recorded as $0.00002563. The daily increase of 4% clearly demonstrates the impact of the increase in the burn rate on the market.
At the same time, Shiba Inu futures open interest (OI) increased by 6% to $93 million. This shows that investors’ interest in the token is increasing. Analysts note that SHIB may have higher earnings potential in the future. However, it is emphasized that the 1 dollar level is a very optimistic target under current conditions.
Market observers state that the bull market effect after the US elections supports price movements on Shiba Inu. This extraordinary increase in the burn rate is thought to contribute to upward movements in the token price.
Shiba Inu reinforces its strong position in the market with this remarkable increase in the breeding rate. The future movements of the token will be shaped by both the supply-demand balance and investor sentiment.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that crypto currencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
