On Saturday, Shiba Inu’s burn rate surged by an astonishing 1300%, sparking renewed optimism in the market regarding the popular meme coin. This uptick led to the elimination of millions of SHIB tokens from circulation, raising hopes among traders for a potential price increase. Nevertheless, the meme coin’s price has experienced some fluctuations despite this bullish sentiment.
How Did Shiba Inu’s Burn Rate Increase?
Data from Shibburn reveals that on November 9, the burn rate increased by 1323.66%, resulting from the destruction of around 34.91 million tokens. This significant rise reduced the total supply of Shiba Inu to approximately 589.26 trillion tokens.
Will This Impact SHIB’s Price Positively?
Recent trends indicate that 110.64 million coins have been burned in the past week alone. This strategic reduction in supply is expected to positively influence the price of the Ethereum-based meme currency according to basic economic principles. Market analysts believe ongoing reductions could lead to significant price appreciation.
Reports indicate that an uptick in whale activities is also fueling positive sentiments about Shiba Inu’s future. These indicators contribute to a favorable outlook for the meme cryptocurrency.
The current trading price of SHIB sits at $0.00001899, showing a slight daily decline of about 1%. The token‘s price fluctuated between a low of $0.00001847 and a high of $0.00001931 in the last 24 hours. Despite this volatility, traders are optimistic about the coin’s future due to encouraging market statistics.
- Shiba Inu’s burn rate increase may signal bullish trends.
- Whale activities contribute positively to market sentiment.
- Potential for SHIB to reach $0.000045 according to analysis.
With a significant amount of tokens being burned and increased whale activity, Shiba Inu is positioned well to inspire confidence among traders. The combination of these factors suggests a promising outlook for the future of meme coins in the cryptocurrency market.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.
Source: https://en.bitcoinhaber.net/shiba-inus-burn-rate-skyrockets-this-weekend