Shiba Inu has recorded an astonishing 28,145% spike in its burn rate, renewing bullish sentiment among investors eager for potential price gains.

28,145% Spike in SHIB Burn Rate

The Shiba Inu (SHIB) meme coin has once again sparked hope among investors and traders in the cryptocurrency market throughout the world.

Expectations for the future of the dog-themed meme token's price, SHIB, have shifted sharply upwards as its burn rate surged by more than 28,000. Investor confidence in the market was already high before the token got a big futures listing on a famous cryptocurrency exchange.

According to Coingape, Shiba Inu's burn increased by an astounding 28,145% in the last day, according to data provided by the tracker Shibbrun on X today, August 30. The incredible 96.43 million SHIB burned in the last 24 hours is the main cause of this tremendous spike.

Additionally, as of press time, the weekly burn rate increase amounted to 301%, which added to the confidence surrounding the coin. 172.99 million tokens were burned in the past seven days, according to the SHIB community's notification on X.

SHIB Supply Reduced to 589.27 Trillion

Massive burns reduced the entire supply to 589.27 trillion SHIB at the same time. Following the logic of supply and demand, market sentiment becomes bullish when the supply of the leading meme coin decreases.

At the same time, it's important to mention that Kraken, a leading cryptocurrency exchange, has granted Shiba Inu futures listing. The enhanced trading choices and flexibility made possible by this listing effort make the meme token more attractive to investors.

The cumulative effect of these new information points to a bright future for SHIB price movement. Having said that, presently the token is trading in the red zone.

SHIB Trades Down 0.7% in Red Zone

In the last day, the price of SHIB fell 0.7%, trading at $0.00001393. It hit a high of $0.00001452 and a low of $0.00001389 during the course of the day. The market as a whole is moving in the same direction as today's fading movement. Today's trading session for Bitcoin and key cryptocurrencies was quite bearish.

Nevertheless, the 4-hour time frame showed a 0.44% increase in Shiba Inu futures OI, according to Coinglass data. As of this writing, the OI was sitting at $28.44 million, and the 24-hour chart also showed a 0.06% surge.

The token's derivatives volume, however, fell in value by 15.33% to $44.48 million, leading market participants to speculate.