Shiba Inu’s burn rate hit an astonishing 6223% on November 18, destroying 290,321 SHIB. The reduced supply drove a 4% price rally, stirring investor speculation about SHIB's potential to reach $1 amid bullish market trends.

Shiba Inu Burn Rate Skyrockets 6223%

The most recent data provided by the Shiba Inu tracker, Shibburn, shows that the burn rate increased by 6223% in the last day, as of November 18th.

There was an intraday destruction of 290,321 coins, according to the statistics. The aforementioned spike was the outcome of the huge token burn, which brought significant attention to the cryptocurrency during a bull market, particularly because investors are now concentrating on the top meme coins.

In addition to the aforementioned burn surge, the overall supply of the coin was assessed at 589.26 trillion tokens as of the reporting time.

Meme Token Supply Drops Amid Bullish Sentiment

It should be noted that 135 million SHIB were removed from the meme token's supply during the previous week. Market sentiment on the coin's price went optimistic as a result of the enormous hit to supply, reflecting the law of supply and demand.

As of this writing, the SHIB price is $0.00002511, reflecting intraday gains of 4%. During the past 24 hours, the meme coin has reached a low of $0.00002403 and a high of $0.00002563. The aforementioned increase in the Shiba Inu burn rate is consistent with the upward trend.

SHIB Futures and Investor Interest Surge

At the same time, Coinglass data indicated that SHIB futures OI increased by 6% to $93 million. This statistic highlights the increased interest from investors in the asset, which bodes well for its future moves.

In addition, CoinGape latest Shiba Inu price research shows that the coin has room to grow, even if a $1 price target is still too optimistic. Amidst a bull market following the US elections, market observers are keeping a close check on the token in anticipation of additional price changes.