Shiba Inu (SHIB), the popular dog-themed meme coin, is back in the spotlight with a significant surge in its burn rate and positive developments on a leading cryptocurrency exchange. This combination has injected a dose of bullish sentiment into the broader market, raising hopes for a potential price increase.
SHIB Burn Rate Skyrockets 4500%
Data from Shibburn, the official burn tracker for Shiba Inu, reveals a staggering 4483% increase in the SHIB burn rate over the past day (as of November 28th). This translates to a massive removal of over 50 million tokens from circulation, effectively reducing the overall supply of SHIB.
The concept behind token burning is simple: by permanently removing tokens from circulation, the remaining supply becomes scarcer. This scarcity, according to the principles of supply and demand, can lead to a potential price increase for the remaining SHIB tokens.
Binance Expands Trading Options for SHIB
Adding further fuel to the fire, Binance, a leading cryptocurrency exchange, recently announced expanded trading options for SHIB. This includes the introduction of spot grid and spot DCA trading for SHIB/USDC pairs. These functionalities allow for more automated and strategic trading strategies, potentially attracting new investors and increasing trading activity within the SHIB ecosystem.
Price Responds Positively, Eyes on Potential Parabolic Run
The combined effect of the burn rate surge and Binance’s move appears to be positive for SHIB’s price. At the time of writing, SHIB has experienced a 5% gain, reaching $0.00002557. This bullish trajectory aligns with recent technical analysis from CoinGape, which suggests that SHIB may be poised for a parabolic price increase based on bullish formations on its charts.
Overall, the recent developments surrounding Shiba Inu paint a promising picture for the meme coin. The significant decrease in circulating supply through burning and the increased trading opportunities on Binance create a scenario where SHIB could potentially experience price appreciation in the near future. However, it’s important to remember that the cryptocurrency market is inherently volatile, and investors should always conduct their own research before making any investment decisions.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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