SHIB Burn Rate Surges 2200%, Shiba Inu Eyes Parabolic Rally Ahead?

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As a seasoned researcher with years of experience tracking and analyzing cryptocurrency markets, I have to admit that the recent surge in SHIB burn rate has piqued my interest. The 2200% increase in one day is nothing short of astonishing, and it’s hard not to be intrigued by such a massive blow to the token’s circulating supply.

The significant surge in Shiba Inu‘s burn rate recently has ignited renewed enthusiasm about this popular dog-themed meme token. On Thursday alone, the burn rate jumped an impressive 2200%, fueling speculation of a price increase. This sudden rise aligns with positive on-chain indicators, leading investors to believe that Shiba Inu could experience a dramatic surge, especially considering the ongoing bullish trend in the crypto market.

SHIB Burn Rate Pumps 2200% Delivering Massive Blow To Supply

As an analyst, I’ve just noticed some significant developments regarding the popular meme token, SHIB. According to a recent post on the official Shibburn tracker dated November 21, there was a staggering 2225% increase in the burn rate of SHIB coins within a single day. This surge led to the destruction of no less than 14.58 million SHIB tokens. Consequently, this dramatic rise in the burn rate has resulted in a substantial decrease in the circulating supply of the meme token.

According to the given information, the reported total supply stood at approximately 589.26 trillion tokens. It’s also important to mention that over the last week, a total of 50.06 million tokens were destroyed or “burnt”.

Essentially, the widespread destruction of meme coins has strengthened investor confidence in the leading dog-themed coin. This is because the SHIB burning mechanism is designed to reduce the excessive amount of this coin in circulation by sending tokens to an unused address. As a result, due to the principle of supply and demand, the coin could experience a bullish market trend since those tokens sent to the null address are no longer accessible or usable.

Shiba Inu Parabolic Rally Ahead?

However, despite the abovementioned burn rate surge, Shiba Inu price fell 2% intraday and is currently sitting at $0.00002386. The token’s 24-hour low and peak were $0.00002311 and $0.00002478, respectively. Although this waning movement caused apprehension among investors, it’s worth mentioning that the monthly chart indicated gains worth 30%. This broader bullish trajectory further falls in line with the monthly SHIB burn rate data, as 192.78 trillion tokens were burnt this month.

At present, an evaluation of Shiba Inu’s (SHIB) current price by CoinGape Media is boosting market confidence regarding the token. This analysis highlights crucial factors that make it advisable for investors to hold onto the cryptocurrency, particularly during a widespread surge in meme coin values.

Moreover, it’s also worth mentioning that recent on-chain data indicates that the meme sector is poised to witness further rally ahead. This report has also sparked optimism over a continuing rally for top meme coins like SHIB, DOGE, PEPE, and others. Notably, meme coins like PEPE and DOGE have also been up by 90%-169% over the past month.

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2024-11-21 08:58