The Shiba Inu coin has surged over 10% after 360 million SHIB were burnt in the past week. This burn resulted in a 418% spike in the weekly burn rate, leading to a bullish market sentiment.
Shibburn reported that the total supply of SHIB is now 589.27 trillion. The recent burn has significantly impacted SHIB’s market dynamics, reversing previous losses and pushing prices up by 15.30% to $0.00001539.
This event sets a historical milestone with the highest weekly burn, fostering speculative buzz about future gains. The SHIB futures open interest also increased by 8.45% to $34.53 million, indicating growing investor interest.
However, with the RSI moving around 30, there is some downside pressure. The strategic burn mechanism continues to support SHIB’s market recovery and long-term growth potential.
