The Shiba Inu burn rate witnessed a staggering 1300% surge on Saturday, fueling market optimism surrounding the meme coin’s future movements. As millions of SHIB were taken out of the token’s total supply recently, investor speculations of a looming price rally prevail in the market. However, despite the intraday burn rate surge, the meme coin’s price showcased turbulence.
Crypto market watchers are extensively monitoring the dog-themed meme coin in light of recent market events, expecting a bullish shift ahead.
Shiba Inu Burn Rate Soars 1300% Echoing Market Optimism
As per Shibburn’s data on November 9, the Shiba Inu burn rate experienced a remarkable 1323.66% uptick in value. This surge is primarily attributable to the destruction of 34.91 million tokens. Intriguingly, with the massive burn rate surge coming into play, the meme token’s market supply shredded to 589.26 trillion SHIB.
Further, the weekly data indicated that 110.64 million coins were burned in the past seven days. For context, the token burn mechanism kills the Ethereum-based meme coin’s market supply, thereby jacking up the price, per the law of supply and demand. Overall, market watchers anticipate a bullish effect on the token’s price ahead, given the constant massive blow to the supply.
Meanwhile, CoinGape Media reported that SHIB price reflects bullishness surrounding future price movements with a notable rise in whale activity. This stat adds to the bullish outlook for meme crypto ahead.
SHIB Price Eyes Rally?
At press time, SHIB price traded at $0.00001899, down nearly 1% intraday. The coin’s 24-hour low and high were $0.00001847 and $0.00001931, respectively. Crypto market participants are extensively monitoring the token despite today’s volatility, as market stats project a bullish outlook.
A recent Shiba Inu price analysis by CoinGape Media indicated that the token is eyeing 2.5x gains ahead amid bullish on-chain metrics. The analysis suggests that the meme coin’s price could top $0.000045 amid heightened market interest. Coupled with the abovementioned Shiba Inu burn surge and increased whale activity, this bullish projection has solidified investor optimism.
Additionally, the Republican Donald Trump’s recent victory in the U.S. elections has added to investor bullishness for the crypto space, cementing the chances of a rally ahead.
The post Shiba Inu Burn Rate Surges 1300%, Will This Trigger a SHIB Price Rally? appeared first on CoinGape.
Earn more CFN tokens by sharing this post. Copy and paste the URL below and share to friends, when they click and visit Parrot Coin website you earn: https://cryptoforum.news0
CFN Comment Policy
Your comments MUST BE constructive with vivid and clear suggestion relating to the post.
Your comments MUST NOT be less than 5 words.
Do NOT in any way copy/duplicate or transmit another members comment and paste to earn. Members who indulge themselves copying and duplicating comments, their earnings would be wiped out totally as a warning and Account deactivated if the user continue the act.
Parrot Coin does not pay for exclamatory comments Such as hahaha, nice one, wow, congrats, lmao, lol, etc are strictly forbidden and disallowed. Kindly adhere to this rule.
Constructive REPLY to comments is allowed