The latest SHIB burn rate data has once again sparked remarkable optimism around the popular dog-themed coin, Shiba Inu. The token’s depletion rate saw a whopping 2,200% surge on Thursday, amid reports of a potential upcoming price rally for the asset. For context, recent on-chain metrics spark optimism, with investors anticipating a parabolic rally for the meme token, primarily in light of the ongoing uptrend in the sector as a whole.
SHIB burn rate hits 2,200%, bringing major blow to supply
According to an This massive increase in burn rate resulted in a major hit to the circulating supply of the meme token.
According to the data, the total supply at the time of writing was valued at 589.26 trillion tokens. At the same time, it is worth noting that weekly burn data indicates that 50.06 million coins were burned over the past seven days.
Overall, the massive hot stories have strengthened market sentiment for the dog themed leader coin as supply continued to shred. Notably, the SHIB burn mechanism aims to eliminate the excess supply of tokens in the market by sending tokens to a null address. In turn, the token sparks bullish market sentiment due to the law of supply and demand, as these zero-address tokens can never be used again.
The upcoming Shiba Inu parabolic rally?
However, despite the increase in burn rate mentioned above, the price of Shiba Inu coin fell by 2% during the day and currently stands at $0.00002386. The token’s 24-hour low and high were $0.00002311 and $0.00002478, respectively. Although this downward movement caused apprehension among investors, it is worth mentioning that the monthly chart indicated gains worth 30%. This broader upward trajectory is also part of the monthly trend SHIB Burn Rate Datasince 192.78 trillion tokens were burned this month.
Simultaneously, a recent SHIB Price Analysis by CoinGape Media added to the market optimism around the token. A price prediction for crypto highlights the main reasons why investors should not sell the coin, especially in a broader bull market.
Additionally, it is also worth mentioning that recent on-chain data indicates that the meme industry is poised for another upcoming rally. This report also sparked optimism that the rally for best coins like SHIB, DOGE, PEPE and others. Notably, meme coins like PEPE and DOGE have also increased by 90-169% over the past month.
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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