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Shiba Inu recorded a massive 4.23 billion SHIB burn in the past week, reducing its circulating supply significantly. Paired with a 70% monthly price surge, bullish momentum builds as whales accumulate billions in tokens.
Massive SHIB Burn Spurs Optimism Among Investors
The official tracker Shibburn reported a 3454% increase in the SHIB burn as 2.02 billion coins were removed from circulation, according to latest data. In addition, the data showed that the majority of the burn rate rise was caused by the wallet address 0x2c..
Furthermore, the weekly burn rate of the meme token increased by 1,987% due to the huge increase in burn rate. With 4.23 billion tokens destroyed in the past seven days, this broader spike has further fueled hope.
Shiba Inu’s Supply Decline Sparks Market Optimism
Following the increase in the burn rate, the market supply of the dog-themed meme token amounted to 589.25 SHIB as of the reporting time. In accordance with the principle of supply and demand, this saga has caused a considerable amount of market optimism regarding the potential price fluctuations of Shiba Inus in the future.
Additionally, it is worth mentioning that CoinGape stated that a large SHIB investor recently increased its holdings by acquiring billions of tokens. The meme cryptocurrency's supply has been steadily declining owing to token burning, but this big buying just makes things worse.
Rising SHIB Prices Reflect Bullish Sentiment
Compared to one day ago, the price of SHIB has increased by almost 1% and is now trading at $0.00002907. Its low point for the day was $0.00002866, and its high point was $0.0000307. In addition, the meme token showed gains of 22% and 70% on the weekly and monthly charts, respectively.
Consistent SHIB burns and rising token prices point to a bullish trend.
Analysts Predict Potential Price Breakout for Shiba Inu
Furthermore, according to a recent analysis by CoinGape, the price of the meme currency is expected to double in the near future.
This optimistic expectation is based on the token's consistent consolidation, which is creating space for a possible breakout. After recent bullish developments, crypto market analysts are expecting the asset's bullish trend to continue, thus they are keeping a close eye on the coin for additional increases.
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