In the past 24 hours, the burn rate of Shiba Inu Coin (SHIB) has increased by 5545.73%, which means that 61,468,595 SHIB tokens have been permanently removed from circulation. This move is a community-driven destruction plan that aims to reduce the supply on the market and thus enhance the scarcity of SHIB tokens.
As the supply and demand relationship in the market changes, the price of SHIB also fluctuates. Currently, the total market supply of SHIB is about 589.26 trillion tokens, and after this destruction event, the supply of SHIB will further shrink. Whether this strategy can support the long-term growth of SHIB remains to be seen.
SHIB price trend analysis: short-term correction, long-term potential is huge
Despite the recent burning event and price surge, SHIB's price still shows strong volatility. In the past 24 hours, SHIB's trading price fluctuated between $0.00002453 and $0.00002639, and it has not broken through the key resistance level in the short term. However, from a technical point of view, SHIB is trying to break through the weekly Ichimoku Cloud, which may mean that SHIB will usher in a wave of upward trend.
Current Price: $0.00002526
24-hour increase: +1.89%
Weekly gain: +4.80%
If it succeeds in breaking through, the price of SHIB is expected to break through $0.00003100 and may enter the $0.000037 area, and then aim for the annual high of $0.000045. In the end, SHIB may even challenge the historical high of 2021 and prepare for a new high.
Binance adds SHIB trading option, market heat continues to rise
It is worth mentioning that Binance recently introduced more trading options for SHIB, especially spot grid trading and spot DCA (dollar cost averaging) for the SHIB/USDC pair. This new change will greatly enhance the market liquidity of SHIB and support its performance in the market.
New Binance Trading Pair: SHIB/USDC (Spot Grid Trading)
Trading Options: Spot DCA (Dollar Cost Averaging)
These new options undoubtedly enhance SHIB's market participation and activity, providing strong support for its continued price increase.
Enthusiasm of the SHIB community: Burn rate surges, capital inflow accelerates
Recently, SHIB's burn rate has soared, further boosting the community's enthusiasm. This change echoes the trend of a large number of SHIB tokens flowing out of exchanges. In the past 3 days, more than 5.45 trillion SHIB tokens have been withdrawn from exchanges, worth approximately $162 million, which means that a large number of investors choose to hold SHIB for the long term, looking forward to its future growth potential.
Token outflow in 3 days: 5.45 trillion
Outflow token value: about $162 million
As more short-term holders choose not to sell, the market's long-term holding power is increasing. If this trend continues, SHIB's price is likely to usher in a new wave of increases.
Potential rebound signal: SHIB’s bull flag pattern
On the daily chart, the price of SHIB has formed a typical bull flag pattern, which indicates that once the consolidation phase is over, the price is likely to break out. If the buying pressure in the market continues to increase, the price of SHIB may hit $0.000030 and may rise further to above $0.000035.
However, if funds flow back to the exchange, the price of SHIB may face a certain correction and fall to $0.000020. Therefore, investors should carefully observe market trends and make reasonable arrangements.
Summary: SHIB's future potential, an investment opportunity worth paying attention to
Overall, the market performance of Shiba Inu Coin (SHIB) is still fluctuating, and may face a certain correction in the short term, but its long-term growth potential cannot be underestimated. Through the burning mechanism, the increase in trading options and the strong support of the community, SHIB may usher in more opportunities in the future crypto market.
For investors, seizing the current market volatility while maintaining a high level of market sensitivity may be the best time to enter this investment opportunity. We can see that the future trend of SHIB will be closely related to market supply and demand, community support, and cooperation with trading platforms such as Binance, so investors can make decisions based on these factors.