The Shiba Inu (SHIB) burn rate has skyrocketed by 1000%, sparking renewed market optimism and drawing attention to the meme coin’s price potential. As nearly 500 million SHIB tokens were burned, the supply of the Ethereum-based asset took a significant hit, creating a bullish environment for the coin’s price.
According to Shibburn data, the burn rate surged by 1028.67% on November 11, primarily due to the destruction of 463.45 million SHIB tokens. This reduction in supply brought SHIB’s circulating supply down to 589.26 trillion coins. The token burn mechanism, which aims to reduce SHIB’s overwhelming supply, has been identified as a key factor in boosting the coin’s price, with market watchers noting that the price tends to rise when supply decreases while demand remains constant.
This surge in the burn rate follows a broader market rally, bolstered by increased investor optimism, particularly after Donald Trump’s recent victory in the U.S. elections. Additionally, Robinhood Crypto’s decision to allow Shiba Inu transfers for its European users has further fueled interest in the token.
As of the latest data, SHIB is trading at $0.00002467, reflecting a 9% gain on the day. The price range for the token during this period has been between $0.00002213 and $0.00002785. The momentum seen in the price is a direct result of the burn activity, as well as the broader bullish sentiment in the cryptocurrency market. The token has experienced a 47% gain over the past week.
The increase in Shiba Inu’s trading volume, which surged 245% to $6.08 billion, further indicates strong investor interest. Analysts are now predicting the possibility of a 300% price increase for SHIB, with some pointing to a hidden bull divergence pattern on its price chart as a signal of continued bullish momentum.
Market watchers and traders alike are closely monitoring SHIB’s performance, with many anticipating further price action that could lead to substantial gains in the near future.
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