CandleFocus SHIB Burn Rate Spikes 455% as Price Picks up Momentum
2024-10-09
Author: Content Editor
Shiba Inu (SHIB), a meme coin, is experiencing a revival in growth metrics following a recent price downturn. The burn rate, which indicates the number of tokens being destroyed, has spiked by over 455%, resetting growth parameters. Despite losses earlier in the week, SHIB has increased by 1.68% in the past 24 hours and has broken free from a resistance level. Over 2.9 million SHIB tokens have been burned, bringing the total burned tokens to over 410 trillion, while over 583 trillion remain in circulation. The ongoing reset is crucial for assessing the project's health and may attract more investors. Shiba Inu's unique utility has helped it stay relevant in the meme coin market, while newer alternatives like NEIRO and WIF have gained attention. The success of meme coins will depend on their utility rather than just hype, with SHIB, BONK, and FLOKI fitting this profile for now.
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