The renowned dog-themed meme crypto SHIB continues to steal the spotlight amid a highly bullish market, further solidifying market optimism with a massive Shiba Inu burn rate surge on Saturday. Recent statistics indicate that the meme coin’s weekly burn rate soared nearly 450% in the wake of over 600 million coins burnt in the past seven days. In turn, crypto market enthusiasts speculate whether a parabolic bull run for the toke lies ahead as the broader sector remains highly bullish in Q4.
Weekly Shiba Inu Burn Rate Soars As 624M Coins Destroyed
According to an X post by the official Shibburn X handle on November 16, the weekly Shiba Inu burn rate witnessed a remarkable 464% uptick as 624.5 million tokens tokens were burned over the past seven days. The remarkable surge has dealt a significant blow to the meme coin’s total supply in the market.
The latest data by the tracker’s X handle pointed out that Shiba Inu’s current market supply totaled 589.262 trillion coins. For context, the meme coin’s burn mechanism aids the broader ecosystem in killing the token supply, a bullish factor per the law of supply and demand. This chronicle has garnered noteworthy optimism toward the meme coin’s future price movements.
Meanwhile, a recent CoinGape Media report further spotlighted the Ethereum-based token’s potential to offer investors gains. Reportedly, amid the coin’s recent bull run, a crypto whale netted millions in profit trading SHIB. This saga has added to why the token caught the market’s attention, accompanied by its remarkable burn rate surge.
SHIB Price Eyes Parabolic Rally Ahead?
Simultaneously, SHIB price today added nearly 6% intraday and is now sitting at $0.0000251. The crypto’s 24-hour low and high were $0.00002319 and $0.00002596, respectively. The token’s market cap rested at $14.78 billion today. This rising action falls in line with the abovementioned Shiba Inu burn rate surge.
Meanwhile, it’s also noteworthy that the rising price action aligns with the broader meme coin frenzy witnessed at present. Dogecoin, Pepe Coin, and Dogwifhat extend weekly gains to 61%-101%, further underscoring a bullish meme crypto market. In light of this bull market, the token’s lead developer, Shytoshi Kusama, also took to X, stating, “LFGOOOOO!!!!!” This statement has added to market intrigue as the dog-themed meme coin reflects immense optimism.
Additionally, a recent Shiba Inu price analysis by CoinGape Media indicated that the token mirrors historical patterns that indicate potential parabolic price gains lie ahead. Market watchers remain highly bullish on the crypto’s future performance.
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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