In a surprising turn of events, the Shiba Inu (SHIB) burn rate has skyrocketed by 320%, injecting a wave of optimism into the cryptocurrency market. This dramatic increase has sparked speculation about its potential impact on SHIB’s price, with many enthusiasts anticipating a possible rally in the near future. The growing interest in meme coins has further fueled expectations for a broader upswing in this sector.

According to data from Shibburn, a SHIB burn rate tracker, over 10.31 million tokens were burned in a 24-hour period, triggering the substantial increase. Two addresses in particular caught the attention of investors, burning 6.94 million and 3.31 million tokens respectively. This recent surge follows a previous burn rate jump of around 33,000%, where over 1 billion tokens were incinerated.

The significance of token burning lies in its ability to decrease the overall supply in the market, which typically leads to an increase in value. To date, 410.73 trillion SHIB tokens have been burned from the initial supply, with 583.50 trillion remaining in circulation.

Despite the surge in burn rate, SHIB’s price experienced a dip of more than 8%, trading at $0.00001801. This decline aligns with a broader downturn in the crypto market. However, trading volume for SHIB increased by nearly 9% to $580.77 million, indicating sustained interest.

A recent price analysis suggests SHIB could potentially see a staggering 283% rally. This projection, combined with the historically bullish nature of October and the fourth quarter for Bitcoin and top altcoins, has intensified the positive sentiment surrounding SHIB.

As the crypto community keeps a close eye on these developments, the coming days may prove crucial for SHIB’s price trajectory. The interplay between increased burn rates, market trends, and investor sentiment will likely shape the short-term future of this popular meme coin.