The Shiba Inu burn rate saw a sharp rise of 6,200% on Monday, sparking optimism among investors globally. As the meme token faces a major blow to its market supply, investors are exploring the development’s potential impact on its price. Simultaneously, SHIB price rose remarkably during the day, sparking renewed market optimism about future actions amid rising burn rate.
Shiba Inu Burn Rate Increases 6,200%, Sparking Bullish Sentiments in the Market
According to the last data offered by the Shibburn tracker on November 18, a 6,223% increase in Shiba Inu burn rate over the past day was recorded. According to the data, 290,321 pieces were destroyed during the day. This massive token burn resulted in the aforementioned surge, bringing significant attention to the crypto amid a bull market, especially as investors turned to the best coins.
Simultaneously, the coin’s total supply was valued at 589.26 trillion tokens at the time of reporting, with the aforementioned burn increase weighing even more. Additionally, it is worth mentioning that the meme token saw 135 million SHIB removed from its supply over the past week. Overall, while supply has taken a major hit, market sentiments regarding the coin’s price have turned bullish, reflecting the law of supply and demand.
Is $1 SHIB pricing possible?
At press time, SHIB price recorded intraday gains worth 4% and is now trading at $0.00002511. The meme coin’s 24-hour low and high were $0.00002403 and $0.00002563, respectively. Notably, the upward movement corresponds to the increase in Shiba Inu burn rate mentioned above.
Simultaneously, Coinglass data indicated a 6% increase in SHIB OI futures to $93 million. This statistic highlights increased investor interest in the asset, opening a bullish path for future moves.
Also, a recent Shiba Inu Price Analysis by CoinGape Media indicated that the coin has the potential for further gains, although a $1 price target remains very optimistic. Market observers continue to watch the token for further price action changes in a post-US election bull market.
Quince stick
CoinGape includes an experienced team of native content writers and editors working around the clock to cover global news and present news as fact rather than opinion. CoinGape writers and journalists contributed to this article.
Disclaimer: Content presented may include the author’s personal opinion and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or publication assumes no responsibility for your personal financial loss.
✓ Share: