Shiba Inu (SHIB) investors experienced great excitement with the impressive burn ratio of the token in recent days. In just 24 hours, 14 million SHIB Token was removed from the circulation and carried the burn ratio over 2000 %. This increased the expectation of a possible major rise in the price of SHIB among investors. In this month, where 98 million toks are burned in total, the continuous decrease of supply may have positive effects on the price.
Shiba Inu Burn Ratio Raising
According to the latest data, the rate of Shiba Inu Burn increased by 2004.94 %. The burning of 14.27 million tokens in a single day increased the expectations of investor by narrowing the supply. Token Burn mechanism aims to increase the long -term value of asset by reducing circulatory supply.
This week’s Burn data shows that a total of 58.28 million SHIB token was removed from the circulation. This data indicates that Shiba Inu reduces the pressure on the market and may increase the demand. Investors believe that with the decrease in supply, the price will move upward and this is reflected in Shıb’s price graph.
Critical levels for SHIB price
Shiba Inu’s total supply is currently at 589.25 trillion token level. In contrast, 410.7 trillion token has been burned so far, which corresponds to almost 50 %of the total supply. These burns, attracting the attention of investors to create more purchase demands. Cripto Analyst Javon Marx, Shıb’nin rise trend before the reverse shoulder-head-omuz (Inverse Head & Shoulders) formation, he said. This technical formation usually indicates that the price will make a hard output. According to Marx, the price of SHIB can reach $ 0.000081. However, in order to happen, the burn rate should remain high and market conditions should be positive.
According to the latest data, SHIB price is traded for $ 0.00001661 and increased by 9 %on a weekly basis. Investors expect this ascension trend to turn into a stronger movement. In particular, the high burning rates remain and the participation of new buyers may accelerate this process. If market expectations are correct, we can see new summits in Shıb price.
