The Shiba Inu (SHIB) community recently reacted to a post on X by Binance, the world’s largest cryptocurrency exchange. The post, which humorously stated, “Maybe we’re just all NFTs,” sparked discussions within the SHIB community.
The official SHIB X account responded to Binance, humorously asking, “Did @binance just call us NFTs?” This response aligned with Shiba Inu’s recent foray into NFTs with the launch of SHIBOSHI.
Did @binance just call us NFT's? https://t.co/HSrUc8yFf7 pic.twitter.com/aGmHx1lwCZ
— Shib (@Shibtoken) March 28, 2024
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The community’s ongoing token-burning initiative has also garnered significant attention and continues to support SHIB’s price surges. According to Shibburn, a platform tracking SHIB burns, over 31 million tokens were removed from circulation within the past 24 hours. This large-scale burn contributed to a positive market sentiment for SHIB.
Shiba Inu Burn Mechanism Ignites Optimism
The Shiba Inu community’s burning efforts have played a pivotal role in the overall token burn, shown clearly in the massive 24-hour burn rate. This token-burn initiative aims to improve SHIB’s tokenomics by permanently removing tokens from circulation, potentially leading to a price increase in the long run.
The team is also looking to speed up the burn process with the upcoming automated burn portal. Over 410.7 trillion tokens have been burned, and the community is eager to raise this number.
Shiba Inu Price Climbs Amid Poor Market Signals
At press time, SHIB was experiencing a correction after a climb to $0.00003206. The meme coin was trading at 0.00003054, showing a 3.89% decline over the past 24 hours. The positive price movement that sent SHIB to $0.00003206 coincided with the aforementioned burning efforts. SHIB was also one of the top performers in early March when Bitcoin reached its new all-time high.
We are on twitter, follow us to connect with us :- @TimesTabloid1
— TimesTabloid (@TimesTabloid1) July 15, 2023
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However, data from Coinglass revealed a decline in SHIB’s derivatives volume, alongside a dip in the open interest (OI) weighted funding rate. Open interest witnessed a 5.64% decrease, and investors are exhibiting less enthusiasm for leveraged or long positions.
Given the poor market signals from on-chain metrics, with both bullish and bearish forces at play, SHIB could go in either direction. The coming days will be crucial in determining whether SHIB can maintain its momentum or encounter resistance.
If SHIB can decisively breach the $0.000032 resistance level, it has a better chance of sustaining a rally. Shiba Inu is echoing patterns from its 2021 rally, and the meme coin could soon breach its all-time high if this trend continues.
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