Shiba Inu Burn Rate Soars 6200%, SHIB Price To $1 Possible?

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As a seasoned crypto investor with a knack for spotting promising trends, I must say that the recent 6200% surge in Shiba Inu’s burn rate has caught my attention. Having navigated the crypto market during its early days and witnessing firsthand the power of meme coins, I find myself intrigued by this development.

On Monday, there was a significant 6200% increase in the rate at which Shiba Inu tokens are being destroyed, causing excitement among investors worldwide. As this meme coin faces a substantial reduction in its circulating supply, investors are considering how this might influence its price. At the same time, the SHIB token’s value surged noticeably throughout the day, adding to the overall market optimism about what could happen next as the burn rate continues to climb.

Shiba Inu Burn Rate Surges 6200% Sparking Bullish Market Sentiments

On November 18th, as reported by Shibburn tracker, there was an impressive 6223% increase in the daily burn rate of Shiba Inu tokens. This surge led to the destruction of approximately 290,321 coins within a single day. This significant token burning event has attracted notable interest towards the crypto during a bull market, particularly since investors are now concentrating more on top meme coins.

At the time of reporting, the total number of tokens in circulation for this coin was approximately 589.26 trillion. Additionally, a significant increase in burn rate has also occurred. Moreover, it’s important to note that over the past week, 135 million SHIB tokens were removed from the supply. As a result, the market sentiment regarding the coin’s price became optimistic due to the substantial decrease in supply, which aligns with the principle of supply and demand.

Is SHIB Price To $1 Possible?

Currently, the price of SHIB has increased by 4% during the day and is now being exchanged at approximately 0.00002511 USD. Throughout the past 24 hours, the low and high prices for this meme coin were 0.00002403 USD and 0.00002563 USD, respectively. It is worth noting that this upward trend aligns with the recent surge in the Shiba Inu burn rate.

At the same time, data from Coinglass showed that Shiba Inu futures Open Interest (OI) surged by 6% to reach $93 million. This significant increase indicates growing investor enthusiasm towards this asset, potentially signaling a positive trajectory for its upcoming market trends.

Moreover, a Shiba Inu price assessment by CoinGape Media suggests that the coin could potentially increase more, but predicting a price of $1 is extremely hopeful. Investors are keeping an eye on the token as it may show additional price fluctuations in the market following the U.S. elections, with the overall bullish trend continuing.

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2024-11-18 09:47