The Shiba Inu (SHIB) burn rate has surged over 1000%, with nearly half a billion SHIB tokens destroyed, sparking renewed market optimism and raising expectations of significant price growth.
Market data reveals that the token burn, reported by Shibburn on November 11, led to the destruction of approximately 463.45 million tokens, marking a drastic reduction in SHIB's circulating supply to around 589.26 trillion. This reduction aligns with the burn mechanism's goal of addressing SHIB's excessive supply, a feature widely regarded as impacting the coin’s market performance. Weekly data further illustrates that approximately 615.15 million tokens were burned over the past seven days, adding to the growing excitement among investors.
The burn rate’s spike comes amid increased interest in the cryptocurrency market, particularly following the recent U.S. election, which saw a win by Donald Trump, an event viewed positively by investors. Additionally, Robinhood Crypto EU's introduction of Shiba Inu transfers for its users has contributed to the asset’s rising popularity. These developments highlight SHIB's prominent position in the meme coin space as it gains traction, with bullish sentiment propelling its price upward.
As of press time, SHIB is trading at $0.00002467, reflecting a 9% daily gain, with the coin's trading volume also experiencing a 245% increase to $6.08 billion in 24 hours. Analysts, including Javon Marks from CoinGape Media, have predicted a potential 300% price gain, citing technical indicators such as hidden bull divergence that suggest a strong bullish pattern on the price chart. This analysis aligns with the broader market’s positive outlook, and investors continue to monitor SHIB’s price action closely, hopeful for significant gains ahead.
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