Shiba Inu Burn Rate Surges, What’s Next Move On SHIB Price?
The recent surge in the SHIB burn rate by 320% has generated optimism in the crypto market and sparked speculations about its potential impact on the price of Shiba Inu. This surge, along with the growing interest in meme coins, has led to expectations of a potential rally in the near future.
Overview of the SHIB Burn Rate
The recent data from the Shiba Inu burn rate tracker, Shibburn data, revealed that 10.31 million tokens were burnt in the last 24 hours, contributing to the significant increase in the burn rate. Two addresses were responsible for burning 6.94 million and 3.31 million tokens, respectively, attracting attention from investors.
The burning of Shiba Inu tokens has gained significant traction recently, with a jump of approximately 33,000% in the 24-hour timeframe, resulting in the incineration of over 1 billion tokens. This surge in the burn rate has led to speculations of a potential rally in the price of Shiba Inu.
Token burning reduces the overall token supply in the market, which typically increases the value. Currently, 410.73 trillion tokens have been burnt from the initial supply, while the total circulating supply stands at 583.50 trillion.
Despite the surge in the SHIB burn rate, the price of SHIB experienced an 8% decline, trading at $0.00001801, with a trading volume of $580.77 million. This decline coincided with a broader downturn in the crypto market.
Price Action and Performance
Meanwhile Shiba Inu is currently trading at $0.00001825, a recent analysis suggests that Shiba Inu is eyeing a triple-digit rally of around 283%, contributing to a bullish sentiment among investors. Additionally, with October historically being a bullish month for Bitcoin and other top altcoins, the market is anticipating a potential rally for Shiba Inu amidst the current bullish sentiment in the market.
Read Also: Developer Forecasts XRP Could Skyrocket to $100k or Even $1M
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