Against the backdrop of a highly bullish market on Monday, the Shiba Inu burn rate once again witnessed a remarkable surge, propelling market optimism surrounding the meme coin’s price run ahead. As per recent data, the meme token noted a roughly 1000% surge in its burn rate as nearly 500 million SHIB were destroyed. This chronicle has projected investor bullishness on the Ethereum-based meme token’s future prospects, with the broader market anticipating potential 300% gains ahead.
Shiba Inu Burn Rate Shoots Up 1000% As Half-A-Billion Coins Burnt
As per the official burn tracker Shibburn’s data on November 11, the Shiba Inu burn rate witnessed a 1028.67% surge intraday. This surge is primarily attributable to the destruction of 463.45 million tokens. With the massive blow to the supply due to the mentioned burn, SHIB’s current market supply waned to 589.26 trillion coins at the time of reporting.
What’s noteworthy is that the meme coin’s token burn mechanism zeroes in on reducing its excessive supply, which many believe is the reason behind the crypto’s sluggish performance. Intriguingly, the weekly burn data on X indicated that 615.15 million tokens had been burnt over the past 7 days, adding to investor enthusiasm surrounding the asset. For context, despite the demand remaining the same, a positive impact on price emerges as the supply takes a hit, mirroring the law of supply and demand.
Additionally, the growing crypto market interest post-Donald Trump’s recent win in the U.S. elections has added investor bullishness orbiting the asset alongside a bullish crypto market. It’s noteworthy that Robinhood Crypto EU also allowed Shiba Inu transfers for its users, bringing an additional layer of market interest toward the crypto. Overall, the second-largest meme cryptocurrency by market cap currently rides bullish waves across the broader landscape.
SHIB Price Eyes 300% Gains?
Meanwhile, market watchers anticipate a bullish impact on the token’s future run in light of recent developments. At press time, SHIB price traded at $0.00002467, up nearly 9% over the past day. The coin’s intraday low and high were $0.00002213 and $0.00002785, respectively. This rising momentum aligns with the abovementioned Shiba Inu burn rate surge. Further, even the weekly chart indicated gains worth 47% for the token.
Notably, the coin’s bullish trajectory has sparked significant investor intrigue while traders also reacted positively to the recent surge. Market data indicates that the meme coin’s 24-hour trading volume surged 245% to $6.08 billion. Altogether, current stats reflect immense optimism for the Ethereum-based token.
Moreover, a recent Shiba Inu price analysis by CoinGape Media spotlighted that the meme coin eyes 300% gains amid the recent bullish market. Leading crypto analyst Javon Marks unveils a positive outlook for the coin’s long-term prospects, attributable to the formation of hidden bull divergence, a bullish pattern on price chart. Market enthusiasts continue to optimistically eye the token for further price action shifts, especially for a 300% gain 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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