Shiba Inu Coin Set For an Explosive Rally As SHIB Burn Rate Soars

Recent data on Shiba Inu’s burn rate has generated significant bullish sentiment within the cryptocurrency community. On November 21, there was an astonishing 2200% increase in SHIB’s burn rate, indicating a potential upcoming price rally for the asset. This surge in burn activity correlates with optimistic on-chain metrics, as investors speculate a parabolic price movement could be on the horizon, bolstered by the prevailing bullish trend in the crypto sector.

SHIB Burn Rate Surge

According to a post from the SHIB burn tracking platform, Shibburn, the burn rate peaked at an impressive 2225% for the day, leading to the destruction of approximately 14.58 million SHIB tokens. This aggressive burn action has substantially reduced the circulation of the token, which was recorded at around 589.26 trillion during this period. Additionally, the weekly burn data indicates that 50.06 million SHIB tokens have been removed from circulation over the past week.

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https://twitter.com/shibburn/status/1859507088126259493

The SHIB burn mechanism operates by transferring tokens to a null address, effectively eliminating them from the market. This intentional contraction of supply aligns with classic economic principles of supply and demand, suggesting bullish momentum for the token as supply diminishes and scarcity potentially increases.

Price Action and Market Trends

However, notwithstanding the impressive burn figures, the price of Shiba Inu experienced a 2% decline intraday, currently trading at $0.00002386. The 24-hour price action showed a low of $0.00002311 and a peak of $0.00002478. Despite this short-term setback, the monthly trend remains encouraging, showing an overall gain of 30%. This positive trajectory is complemented by a total of 192.78 trillion tokens being burned over the month, further fueling bullish sentiment.

On-Chain Data

In addition, On-chain data suggests that the meme coin sector is positioned for further upward movement, igniting renewed interest in top performers like Shiba Inu, Dogecoin, and PEPE. Notably, PEPE and DOGE have witnessed substantial gains, ranging from 90% to 169% over the last month, affirming the strength of the current market dynamics for meme coins.

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Dr. Olajide Samuel juggles the demands of medical studies with a passion for cryptocurrency. A seasoned blogger, Olajide shares his vast global knowledge of the crypto space, offering insights to enthusiasts. Despite his busy schedule, his commitment to crypto remains strong, and he actively seeks ways to contribute to its future.
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