The Shiba Inu burn rate witnessed a robust 6200% uptick on Monday, sparking investor optimism globally. As the meme token deals with a massive blow to its market supply, investors are exploring the potential impact of the development on its price. Simultaneously, SHIB price soared remarkably intraday, sparking further market optimism on future action amid a burn rate surge.
Shiba Inu Burn Rate Surges 6200% Sparking Bullish Market Sentiments
According to the latest data offered by the tracker Shibburn on November 18, a 6223% uptick was recorded in the Shiba Inu burn rate over the past day. As per the data, 290,321 coins were destroyed intraday. This massive token burn resulted in the abovementioned surge, garnering noteworthy attention to the crypto amid a bull market, especially as investors have shifted their focus towards the top meme coins.
Simultaneously, the coin’s total supply was evaluated as 589.26 trillion tokens at the time of reporting, with the abovementioned burn surge further weighing in. Also, it’s worth mentioning that the meme token witnessed 135 million SHIB taken out of its supply over the past week. Overall, with the supply witnessing a massive blow, market sentiments on the coin’s price turned bullish, mirroring the law of supply and demand.
Is SHIB Price To $1 Possible?
At press time, SHIB price noted gains worth 4% intraday and is now trading at $0.00002511. The meme coin’s 24-hour low and high were $0.00002403 and $0.00002563, respectively. Notably, the rising movement falls in line with the abovementioned Shiba Inu burn rate surge.
Simultaneously, Coinglass data pointed to a 6% rise in SHIB futures OI to $93 million. This stat underscores heightened investor interest in the asset, paving a bullish path for future movements.
Also, a recent Shiba Inu price analysis by CoinGape Media indicated that the coin showcases the potential for further gains, although a $1 price target remains highly optimistic. Market watchers continue to eye the token for further price action shifts amid a bull market post-U.S. elections.
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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