Shiba Inu Records A 1000% Increase in Burn Rate With Almost 500M SHIB Destroyed
Key takeaways
- Shiba Inu has recorded a 1000% increase in burn rate amid growing optimism on an explosive market rally.
- The SHIB community incinerated almost 500 million SHIB tokens to create a significant cut in the asset's supply.
- SHIB's price has gained over 9%, sparking predictions of a potential 300% rally in the future.
Shiba Inu Burn Rate Spikes By Over 1,000% In A DayThe second-largest meme coin, Shiba Inu, recorded a significant surge in the SHIB token burn rate intraday on November 11.
According to Shibburn data, the SHIB burn rate saw a whopping 1,873% increase, following the incineration of 463,450,468 SHIB coins. This massive token burn depleted SHIB's market supply to 589.26 trillion.
Source: X Platform - ShibburnFurther, the data indicated that Shiba Inu had witnessed the destruction of 615.15 million SHIB coins within the past 7 days. However, this week's burn rate reflects an 89.3% decline compared to the previous week's.
Many crypto community members believe SHIB's unlimited supply hinders significant price growth. So, the project employed this burning process as a measure to control its excessive and unlimited token supply.
Following the latest SHIB incineration, the meme coin boasts over 589.26 trillion circulating coin supply.
SHIB Witness Over 9% Price Surge Sparking An Optimistic Forecast Of 300% RallyShiba Inu has reflected an impressive price rally amid the prevailing bullish trend in the broader crypto market. SHIB recorded an over 9% surge within the past 24 hours, trading at $0.00002548.
Shiba Inu's market cap has hit over $15.02 billion, positioning SHIB among the top ten crypto assets. Also, Shiba Inu's price witnessed almost 50% growth within the past 7 days.
This massive growth stems from the crypto market's reaction to Donald Trump's victory in the US elections. With the market Fear & Greed Index hitting 79 out of 100, the cumulative crypto market cap has reached over $2.8 trillion.
Trump's pro-crypto stance fuels optimism in the crypto industry, with speculations of a massive shift in investor sentiment.
Also, Shiba Inu gained more traction as Robinhood Crypto EU, the European trading arm of the company, introduced SHIB transfers on the platform. The meme coin's trade volume surged by over 170%, reaching over $6.28 billion.
The current trend has also sparked optimistic speculation of a massive rally for SHIB, with prominent crypto analyst Javon Marks predicting a 300% price increase.
According to Marks, Bitcoin has set a roaring market with a new ATH high above the $80,000 mark. This trend confirmed a Hidden Bull Divergence and holding broke out for SHIB.
Consequently, the analyst believes that SHIB is preparing for its next-level performance that could propel the memecoin to the $0.0081 target. To reach this target, SHIB will need to record a more than 306% increase.
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