Last updated on November 11th, 2024 at 11:05 am
Shiba Inu (SHIB) has begun the week with noticeable upward momentum, with key measures showing robust growth. Leading the trend is a huge increase in the burn rate, which has increased by 544.55%, moving 5,166,319 SHIB tokens to burn wallets. This token-burning habit has contributed to a shift in opinion within the Shiba Inu community, which previously saw greater burns as a good sign of price appreciation.
Source: Shibburn
So far, the total supply of SHIB tokens has been steadily reduced, with 410.7 trillion SHIB burned from the original supply. Therefore, 583.5 trillion tokens are still in the market, which has a deflation view that positively affects the value of tokens with time.
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Deflationary Process Fuels SHIB Price Stability
Token burns, as seen with SHIB, aim to reduce the circulating supply, which could lead to higher prices over time. While burning Shiba Inu tokens is not constant, the overall deflationary process has contributed to price stability. As of press time, SHIB is trading at $0.00001799, reflecting a 3.59% gain over the past 24 hours, though the token has experienced a slight weekly loss of 1.91%. The community-wide support for token burning has helped stabilize the coin’s price, with expectations of continued upward movement as more people engage with the ecosystem.
Bullish Indicators Emerge in the SHIB Derivatives Market
Further optimism is driven by rising Open Interest (OI) and funding rates, which indicate increased bullish pressure in the Shiba Inu derivatives market. Data from Coinglass, an analytical platform, shows that Open Interest in SHIB futures rose from $43.5 million to $51.5 million between October 4 and October 7, marking an 18% increase.
Source: Coinglass
If this trend continues, Shiba Inu’s price could reach $0.00002 soon. Shiba Inu’s growth prospects are optimistic, thanks to continual token burning, robust community participation, and ecosystem product development. Investors and fans are confident about SHIB’s long-term potential as the ecosystem grows.
As the Shiba Inu community continues to pursue deflationary methods and market expansion, the token appears to be on track for further success.
Also Read: Shiba Inu (SHIB) Sees Major Gains Following Fed Rate Cut
