SHIB Burn Rate Skyrockets by 33,000% as ‘Dogecoin Killer’ Sparks Meme Coin Surge
Release: 2024/09/28 04:54 Reading: 479
- Original author：Crypto News Land
- Original source：https://cryptonewsland.com/?p=183053
Shiba Inu Surge Leads Meme Coin Rally
September 28, 2024
Shiba Inu's burn rate has skyrocketed by 33,000%, consuming 1.88 trillion SHIB and boosting its price by over 20% in 24 hours.
Dogecoin and PEPE have followed suit, with prices rising by 11% and 18%, respectively, reflecting the bullish sentiment in the meme coin market.
Shiba Inu's Supply Crunch
Shiba Inu has seen a dramatic increase in its burn rate, with a massive 33,000% surge in a single day. On September 27, the Shiba Inu burn mechanism incinerated over 1.88 trillion coins, significantly reducing the overall supply.
This supply reduction has had an immediate impact on the market, sparking a price surge of over 20% for SHIB within the past 24 hours. Investors are optimistic about the burn rate's potential to further boost the token's price in the long term.
Follow the Leader
Shiba Inu's remarkable performance has not been isolated, as the broader meme coin market has surged. Dogecoin, another popular meme coin, has also risen by 11% within the same 24-hour period, while PEPE has gained 18%.
These gains suggest a growing bullish sentiment within the meme coin sector. With Shiba Inu leading the charge, the overall market for meme coins appears to be in a favorable position.
Derivatives Market Activity
The Shiba Inu burn rate surge and price rise have triggered heightened interest in Shiba Inu futures. Data from Coinglass shows that Shiba Inu futures open interest has increased by 55% to $65.14 million.
Moreover, the derivatives market has experienced a significant upsurge in trading volume, rising by 338% to reach $679.77 million. These numbers point to an increased level of speculation and confidence in the token's near-term performance.
Bullish Momentum
The substantial growth in futures and derivatives trading, combined with the surge in SHIB's price and burn rate, suggests that Shiba Inu is on an upward trend. The meme coin has emerged as one of the top performers in the market, attracting attention from both retail and institutional investors. The combination of strong burn activity, robust trading volume, and increased futures interest hints at continued bullish momentum for Shiba Inu.
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