The Shiba Inu (SHIB) burn rate has experienced a dramatic surge today, increasing by an astounding 14,575.02%, based on data from Shibburn. This rise in the burn rate has captured the attention of investors, particularly as it coincides with a notable price increase for the meme crypto.
Will Shiba Inu Burn Rate Spike Spur Rally?
Market analysts are speculating on the possibility of a significant breakout for Shiba Inu in the near future, given these recent developments. Over the past 24 hours, a total of 279.65 million SHIB tokens have been removed from circulation, further contributing to the burn rate’s remarkable increase.
Despite this, the current circulating supply of SHIB remains at 583.53 trillion tokens. Nonetheless, since the meme coin’s inception, a cumulative total of 410.73 trillion SHIB tokens have been burned from the initial supply.
Of particular interest to investors today is the involvement of a single wallet address, “0xa9d…d3e43,” which has played a significant role in the burn rate surge. This address alone contributed to burning approximately 277.58 million SHIB tokens, according to Shibburn data. This burn raises further discussions about the implications of such large-scale token burns on the SHIB price.
SHIB Price Surge to $1?
The surge in Shiba Inu burn rate has not only caught the attention of the crypto community but has also sparked speculations regarding the meme coin’s price potential. As token burns generally reduce the overall supply in circulation, this could contribute to upward price pressure, further buoying market sentiment.
In the case of SHIB, investors are now debating whether the coin could eventually reach the highly anticipated price level of $1. However, the current SHIB price levels are still far from this target.
At press time, the Shiba Inu price has risen by 6.15%, with the coin currently trading at $0.00001838. Alongside this price increase, trading volume for the token has surged by a whopping 60.25%, reaching $370.85 million.
Additional data from Coinglass reveals that SHIB’s Open Interest has also risen by approximately 19.62% to $57.76 million. This suggesting growing market confidence and heightened activity in the coin.
Another analysis of the market indicates that whale activity in Shiba Inu could further contribute to substantial price gains for the token. The combined effect of increased whale participation, alongside the dramatic spike in SHIB’s burn rate, has led to heightened optimism about SHIB’s future performance.
Also Read: SHIB Creator Shytoshi Kusama Warns About SHIB Billionaire Scam
Source: https://www.cryptonewsz.com/shiba-inu-burn-rate-rockets-shib-price-rallies/