The Shiba Inu coin once again echoed the bullish trend across the market on Thursday, witnessing a staggering 4,500% increase in the SHIB burn rate. The latest burn data indicated that more than 50 million coins have been removed from the token’s circulating supply, highlighting the crypto’s potential moving forward. Simultaneously, even the intraday movement of the meme coin exhibited remarkable gains, bringing further optimism about the crypto’s future movements.
SHIB Burn soars 4,500% as over 50 million coins destroyed
According to the official burn tracker Shibburn data on November 28, the SHIB burn rate showed an increase of 4,483% over the past day. This massive increase is mainly attributed to the destruction of 53.61 million tokens. Additionally, following the token’s destruction, market supply for the dog-themed cryptocurrency totaled 589.26 trillion SHIB.
In the preliminary context, the mechanism of burning tokens of the same coin leads to a decrease in the supply of the asset, which is a bullish aspect according to the law of supply and demand. Simultaneously, other bullish events appear to have strengthened the crypto’s position in the market.
Notably, Binance recently expanded trade offers against Shiba Inu coinCoinGape reported. The leading cryptocurrency exchange has launched a spot grid and spot DCA for SHIB/USDC, paving the way for further inflow of money into the token’s ecosystem.
Overall, the increased consumption rate and improved trading offerings have generated a torrent of optimism for the cryptocurrency and its price movements.
Shiba Inu coin soars 5%
At the time of writing, the Shiba Inu price gained 5% to $0.00002557. The coin’s 24-hour low and high were $0.00002435 and $0.00002644, respectively. As mentioned above, the coin exhibits a bullish trajectory against the backdrop of an increasing SHIB burn rate and improved market supply for the asset.
Simultaneously, a recent SHIB Price Analysis by CoinGape reported that the meme coin is also eyeing an upcoming parabolic run. This analysis comes against the backdrop of several bullish formations on the token’s chart. Overall, recent market statistics indicate that the Shiba Inu coin has highlighted remarkable potential moving forward amid a broader meme coin market frenzy seen recently.
Quince stick
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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.
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