Shiba Inu (SHIB), a cryptocurrency which is centered around memes, has drawn a lot of interest from the cryptocurrency community. Its burn rate increased by an astounding 28,000% today.
As a result, traders and investors are feeling bullish as a result of the sharp rise in burn activity. As the token's market activity picks up steam, more people are expecting price movements in the near future.
Massive SHIB Burns Lead to Bullish Sentiment
Data from Shibburn indicates that during the last 24 hours, the burn rate of Shiba Inu increased drastically. In particular, there was a 28,145% increase due to the burning of 96.43 million SHIB tokens.
Consequently, the SHIB community is feeling optimistic as a result of this significant decrease in the overall supply. Additionally, the burn rate increased by 301% in the last week, removing 172.99 million tokens from circulation. The steady decline in supply is raising hopes for a possible price increase.
According to the law of supply and demand, SHIB's price may rise as a result of the declining supply. Consequently, market players are keeping a close eye on SHIB's price movement. It's important to remember that SHIB is currently trading lower despite the optimism that exists right now. As of this writing, the token is trading at $0.00001393, down 0.7% from the previous day.
Kraken Futures Listing Enhances Investor Appeal
Additionally, apart from its remarkable burn rate, Shiba Inu has also managed to get a significant futures listing on one of the top cryptocurrency exchanges, Kraken. This move offers more accessibility and flexibility in trading options, which greatly increases SHIB's investor appeal.
Notably, it is anticipated that the futures listing will draw more traders to the token, which could lead to increased trading volumes and price fluctuations. Furthermore, Shiba Inu's increased acceptance and recognition in the larger cryptocurrency market are highlighted by this listing on Kraken.
Despite these encouraging developments, the token's derivatives volume dropped to $44.48 million, a 15.33% decrease. Market participants are speculating about how this decline might affect SHIB's price in the near future.
Furthermore, SHIB's Relative Strength Index (RSI) was 45, indicating that the asset was in a neutral position. This neutral stance implies that, despite the long-term bullish outlook, there may be some short-term volatility for the token.
Market Outlook Remains Optimistic
Overall, the recent events involving Shiba Inu provide hope for its future price movement. Two major factors influencing market sentiment are the significant increase in burn rate and the listing of Kraken futures.
However, traders should exercise caution as there is a chance of short-term volatility. Even though the price of SHIB is currently declining, the long-term outlook is still positive. The token has a good chance of increasing in value in the future as long as its supply is reduced.
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