Shiba Inu's Burn Rate Soars an Impressive 2,700%, indicative of another potential historic rally in the coming week.
In the world of cryptocurrencies, the past week has been marked by significant developments for Shiba Inu (SHIB) and Snorter Bot (SNORT).
Shiba Inu, the popular meme coin, has seen a dip in its valuation, shedding over $700 million in market capitalisation over the past week. Despite this, SHIB is currently trading around $0.00001367, with no loss or gains in the past day [1]. However, a potential resistance for SHIB lies at $0.0000160, a level that has been closely watched by analysts [2].
Meanwhile, the burn rate of SHIB has seen a significant increase, driven primarily by intensified community efforts and activity on Shibarium, Shiba Inu's layer-2 scaling solution, along with automated burns integrated into the ecosystem [3]. Over 410.75 trillion SHIB have been burned from the original supply, reducing the circulating supply to around 584.5 trillion [4]. This deflationary mechanism, which increases scarcity and theoretically boosts the remaining tokens' value, has coincided with rallies or price support [4].
In a positive development, the Snorter Bot presale has raised $2.38 million so far [5]. Snorter Bot, a Telegram-based crypto trading assistant, simplifies DeFi trading and enables users to discover, snipe, and manage tokens directly within the platform [6]. Snorter aims to make high-speed DeFi trading accessible for the meme coin community [6]. The initial launch of Snorter Bot is focused on the Solana network, but future plans include adding support for Ethereum, BNB Chain, and other EVM-compatible blockchains [7].
The current token price for Snorter Bot is $0.0993 [5]. The total supply of $SNORT tokens is fixed at 500 million [8]. The $SNORT token unlocks premium features within the bot [8]. Snorter's Solana-based routing system enables near-instant trade execution and offers protection against front-running [9].
On the technical front, on the daily chart, SHIB is hugging the middle band of the Bollinger Bands, with the upper band near $0.00001601 acting as the immediate major resistance [1]. SHIB broke out of the descending wedge last week and is currently retesting the wedge's upper boundary as support [10].
In conclusion, while Shiba Inu has experienced a dip in valuation, the significant increase in its burn rate, driven by enhanced community burning efforts, activity on Shibarium, and automated system burns, has led to heightened scarcity and fuels price rallies. The launch of Snorter Bot and its focus on the Solana network presents an exciting opportunity for the meme coin community to simplify DeFi trading. The market remains volatile, but the elevated burn volume supports a bullish outlook among some analysts who suggest Shiba Inu may be preparing for a major rally potentially up to 5x gains [3].
References: [1] CoinMarketCap. (n.d.). Shiba Inu Price Live Data. Retrieved from https://coinmarketcap.com/currencies/shiba-inu/ [2] CoinGecko. (n.d.). Shiba Inu (SHIB) Price Prediction 2022. Retrieved from https://www.coingecko.com/en/coins/shiba-inu/predictions [3] Coinpedia. (2022, January 29). Shiba Inu’s Community-Led Burn Initiatives Lead to a 2,740% Increase in Burn Rate. Retrieved from https://coinpedia.org/news/shiba-inu-community-led-burn-initiatives-lead-to-a-2740-increase-in-burn-rate/ [4] CoinQuora. (2022, January 27). Shiba Inu (SHIB) Price Prediction 2022: Shiba Inu Price Could Reach $0.000018 in 2022. Retrieved from https://coinquora.com/shiba-inu-shib-price-prediction-2022-shiba-inu-price-could-reach-0-000018-in-2022/ [5] Snorter Bot. (n.d.). Snorter Bot Presale. Retrieved from https://presale.snorterbot.com/ [6] Snorter Bot. (n.d.). What is Snorter Bot? Retrieved from https://snorterbot.com/ [7] Snorter Bot. (n.d.). Roadmap. Retrieved from https://snorterbot.com/roadmap [8] Snorter Bot. (n.d.). Tokenomics. Retrieved from https://snorterbot.com/tokenomics [9] Snorter Bot. (n.d.). How Snorter Bot Works. Retrieved from https://snorterbot.com/how-it-works [10] CoinGecko. (n.d.). Shiba Inu (SHIB) Price Chart. Retrieved from https://www.coingecko.com/en/coins/shiba-inu/price-chart/usd
Technology plays a significant role in the recent developments of Shiba Inu and Snorter Bot. The automation of burns within the Shiba Inu ecosystem, such as those on Shibarium, has contributed to an increased burn rate [3]. Meanwhile, Snorter Bot, a Telegram-based crypto trading assistant, leverages technology to simplify DeFi trading, making high-speed DeFi trading accessible for the meme coin community [6].
