The Shiba Inu (SHIB) currency has witnessed a significant increase in the burn rate over the past 24 hours, with this increase reaching an astonishing percentage of 5440%. As a result, more than 39 million SHIB tokens have been burned.
Impact of token burning on market value:
The burning of cryptocurrencies is an important mechanism in the world of digital currencies, aimed at reducing the circulating supply of the currency. This scarcity in supply can lead to increased demand, and consequently, to a rise in the currency's value. In the case of Shiba Inu, this significant increase in the burn rate may contribute to achieving price stability for the currency in the long term.
Current status of the Shiba Inu price:
At the moment, SHIB is trading at a price close to $0.00001314, which represents an increase of 3.46% during the current day. However, it should be noted that the cryptocurrency market is characterized by extreme volatility, and prices can change very rapidly.
Analysis of technical indicators and market forecasts:
Current technical indicators suggest a bearish momentum in the market, and that SHIB is approaching the oversold zone. This means there is a possibility of a price rebound if demand for the currency increases. However, investors should exercise caution and conduct thorough analysis before making any investment decisions.
Summary:
* The Shiba Inu currency has seen a significant increase in the burn rate, which could lead to a reduction in supply and an increase in demand.
* SHIB is currently trading at a price close to $0.00001314.
* Technical indicators show bearish momentum, but there is a possibility of a price rebound.
