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.
Coingape Staff
CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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