The Shiba Inu coin experienced a massive 2000% increase in its burn rate today, sparking optimism for SHIB’s price amidst upcoming ecosystem enhancements.
Key Points:
- The SHIB burn rate spiked by 2000% today, as reported by Shibburn.
- LUCIE, SHIB’s marketing lead, highlighted forthcoming ecosystem upgrades.
- Despite the burn rate surge, SHIB’s price declined today in line with broader market trends.
On Saturday, Shiba Inu coin captured significant investor attention following a 2000% rise in its burn rate, with over 200 million SHIB removed from circulation in the past 24 hours, according to Shibburn data. However, despite this significant reduction in supply, SHIB’s price remained in the red. This development has sparked investor speculation about the coin’s future price amid ongoing and anticipated ecosystem upgrades.
Shiba Inu Coin Burn Rate Surge Fuels Optimism:
In a post by Shibburn on September 7, the Shiba Inu coin saw 253.52 million SHIB burned within 24 hours, marking a staggering 2086% rise in the burn rate. Over the past week, SHIB’s burn rate has surged by 209%, which has led to increased optimism regarding the coin’s long-term price potential.
In addition, upcoming ecosystem developments are boosting expectations for greater SHIB adoption. The Shiba Inu community is actively working to enhance user appeal, with its marketing lead recently outlining new projects in a post.
Lucie Highlights Shib’s Technological Progress:
Lucie, Shiba Inu’s marketing lead, announced in a recent post that the Shib ecosystem is buzzing with new initiatives. These projects include TREAT, Shibahub, Shib: The Metaverse, Woofvertise, Shib Dev, Shib Torch, Shib Games, and more.
The Shiba Inu community hopes to attract global users with these advancements. A recent CoinGape report also highlighted the ShibDev portal, a new platform designed to facilitate development on Shibarium.
Despite the burn rate surge and numerous upcoming upgrades, SHIB traded in the red today.
What’s Next for SHIB?
SHIB’s price dropped nearly 3% over the past 24 hours and is currently priced at $0.0000129. The meme coin’s daily low and high were $0.00001238 and $0.00001343, respectively, following a broader market downturn that also saw Bitcoin dip to $53K.
Although SHIB’s price remains in consolidation, recent analysis by CoinGape Media suggests that a price breakout could be on the horizon. However, market participants remain cautious, with Coinglass data showing a 7.63% decline in open interest to $22.67 million, adding to the uncertainty surrounding SHIB’s price direction.
