The Shiba Inu burn rate saw a staggering 1,300% increase on Saturday, fueling market optimism regarding the meme coin’s future movements. As millions of SHIB have recently been removed from the token’s total supply, investor speculation of an imminent price rise is prevalent in the market. However, despite the rise in the intraday burn rate, the price of the meme coin has presented turbulence.
Crypto market observers are closely monitoring the dog-themed coin in light of recent market events, expecting a bullish move ahead.
Shiba Inu burn rate jumps 1,300%, echoing market optimism
According to Shibburn data on November 9, the Shiba Inu burn rate saw a remarkable increase of 1,323.66%. This increase is mainly attributable to the destruction of 34.91 million tokens. Interestingly, with the massive increase in burn rate, the market supply of the meme token was reduced to 589.26 trillion SHIB.
Additionally, weekly data indicates that 110.64 million coins were burned over the past seven days. For context, the token burning mechanism kills the market supply of Ethereum-based meme coins, thereby increasing the price, according to the law of supply and demand. Overall, market observers expect a bullish effect on the price of the token, given the massive and consistent hit to supply.
Meanwhile, CoinGape Media reported that SHIB price reflects bullish trend surrounding future price movements with a notable increase in whale activity. This statistic adds to the bullish outlook for the meme cryptocurrency.
SHIB Price considering a rally?
At press time, SHIB price was trading at $0.00001899, down almost 1% during the day. The coin’s 24-hour low and high were $0.00001847 and $0.00001931, respectively. Crypto market participants are closely monitoring the token despite the current volatility as market statistics project a bullish outlook.
A recent Shiba Inu Price Analysis by CoinGape Media reported that the token is eyeing 2.5x gains amid on-chain bullish moves. The analysis suggests that the meme coin price could surpass $0.000045 amid increased market interest. Coupled with the outbreak of Shiba Inu burns mentioned above and increased whale activity, this bullish projection has solidified investor optimism.
Furthermore, the Republican Donald Trump’s recent victory The US elections have boosted investor optimism towards the crypto space, strengthening the chances of an upcoming rally.
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.
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