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Shiba Inu's burn rate skyrocketed by 1,028.67% on November 11, wiping out 463 million SHIB tokens in a single day. This reduction in supply has sparked optimism among investors as SHIB's price rises 9% intraday, with bullish projections of a 300% rally ahead.
Shiba Inu Burn Rate Skyrockets as 463 Million Tokens Vanish
The Shiba Inu burn rate increased by 1,028.67% inside a single day on November 11, according to statistics from the official burn tracker Shibburn.
We may thank the destruction of 463.45 million tokens for most of this spike. As of the time of writing, there were 589.26 trillion SHIB coins in circulation, a drastically reduced amount owing to the aforementioned burn.
Most people think that the meme coin's oversupply is to blame for its slow performance, thus it's interesting that its token burn mechanism focuses on reducing that supply. Investor excitement surrounding the asset was heightened by the intriguing weekly burn data on X, which showed that 615.15 million tokens had been burned over the last 7 days.
Investor Optimism Grows with Reduced Supply
In other words, the demand stays the same, but the supply goes down, which has a positive effect on the price, just like the law of supply and demand says.
With the recent victory of Donald Trump in the US elections, there has been an upsurge in interest in the cryptocurrency market, which has led to an increase in investor bullishness surrounding the commodity, Coingape points out.
An extra layer of market interest was added to the crypto by Robinhood Crypto EU, which also permitted Shiba Inu transactions for its users.
In general, the overall market sentiment is favorable for the second-largest meme cryptocurrency at the moment.
Market Impact of Shiba Inu's Recent Price Spike
Meanwhile, investors believe that the current changes will have a positive effect on the token's future run.
The price of SHIB increased by about 9% in the past day, trading at $0.00002467. The low point of the coin's intraday trading was $0.00002213, while the high point was $0.00002785. This increasing speed corresponds to the previously indicated increase in the burn rate of Shiba Inus. The weekly chart also showed that the token had gains of 47%.
Trading Volume Surges, Reflecting Growing Interest
The recent spike in the coin's value has attracted the attention of both investors and traders, who are intrigued by its optimistic trajectory. According to market data, the 24-hour trading volume of the meme coin reached $6.08 billion, a 245% rise.
Taken together, the numbers show that the Ethereum-based token is highly anticipated.
Analysts Predict a Potential 300% Price Rally
Also, in light of the current optimistic market, the Shiba Inu meme coin is targeting gains of 300 percent, according to a recent price analysis by CoinGape Media.
The creation of hidden bull divergence, a bullish pattern on the price chart, has led leading crypto expert Javon Marks to provide a favorable perspective for the coin's long-term prospects. For the upcoming 300% gain, market fans are keeping a watchful check on the token in the hopes that its price will continue to fluctuate.
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