SHIB Burn Rate Hit 14570%, Is Race to $1 On the Horizon?
In a significant development, the Shiba Inu burn rate has surged by over 14570% today, attracting substantial attention from investors. This increase coincides with a spike in SHIB price, with recent analysis suggesting a potential significant breakout for the meme coin. Notably, a single wallet address has played a significant role in driving the recent surge in burn rate.
Shiba Inu Burn Rate Soars 14570%
The Shiba Inu burn rate has experienced a remarkable spike, skyrocketing by 14,575.02% in the last 24 hours, as per Shibburn data. This surge occurred as 279.65 million SHIB tokens were removed from the circulating supply.
Currently, a total of 410.73 trillion meme coins have been burned from the initial supply. Despite this substantial burning, the current circulating supply remains at 583.53 trillion. Notably, the wallet address “0xa9d…d3e43” has attracted significant attention by burning approximately 277.58 million coins today.
Read Also: Cardano Founder Hoskinson, Shares Thoughts On Herd Game Proposal By Game Director
The recent frenzy in SHIB burning has piqued investor interest, leading to speculation about a potential rally in the crypto’s price. This surge coincides with significant gains in other top meme coins today, amidst a broader market recovery.
The surge in burn rate has evidently boosted market confidence. Typically, the removal of tokens from the market contributes to a positive market sentiment by reducing the supply and potentially increasing the asset’s price.
Potential $1 SHIB Price?
In light of the surge in the Shiba Inu burn rate, discussions are emerging regarding the possibility of SHIB reaching $1 in the near future. Recent analysis suggests that the meme coin could potentially reach this significant milestone under specific conditions.
As of now, the SHIB price has risen by over 2% and is trading at $0.00001812, with a trading volume of $319.74 million, marking a 31% increase. Additionally, CoinGlass data indicates a 7% rise in Shiba Inu Open Interest today, reflecting growing market confidence in the crypto.
Furthermore, recent analysis suggests that strong SHIB whale activity, combined with the substantial surge in the burn rate, has fuelled optimism about the meme coin’s future outlook among investors.
Read Also: Ethena Plans To Utilize Solana As a Reserve for USDe to Back Its Asset
Follow us on Twitter, Facebook, Telegram, and Google News
Meet Raliat: A rising star in the crypto world, blending expertise with a passion for analysis. With a knack for simplifying complex concepts, she empowers audiences to understand and navigate the blockchain landscape. Raliat’s insightful content and analytical prowess make her a trusted guide in the ever-evolving world of cryptocurrency.
