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Shiba Inu’s burn rate soared 464% this week, with 624.5 million SHIB tokens burned. The supply shock aligns with a 6% intraday price increase, signaling bullish momentum for the meme coin amid a broader market rally in meme cryptos.
Shiba Inu Burn Rate Surges Amid Significant Supply Reduction
The weekly Shiba Inu burn rate saw an astounding 464% increase, with 624.5 million tokens burned over the past seven days, according to an X post by the official Shibburn X handle on November 16. The incredible increase has severely reduced the market supply of the meme coin.
According to the most recent statistics provided by the tracker's X handle, there are currently 589.262 trillion Shiba Inu coins in circulation.
Burn Mechanism Fuels Market Optimism
To put it in perspective, the burn mechanism of the meme currency helps the ecosystem as a whole eliminate token production, which is a bullish element according to the law of demand and supply. There is a lot of hope for the meme coin's future price swings because of this story.
The possibility for profit for investors in the Ethereum-based coin was further highlighted in a recent article by CoinGape.
Whale Profits and Price Surge Boost SHIB's Appeal
Trading SHIB allegedly resulted in a crypto whale making millions during the coin's recent bull run. Along with the token's spectacular burn rate spike, this saga has contributed to why it attracted market interest.
At the same time, the price of SHIB has increased by around 6% intraday and is currently trading at $0.0000251. The cryptocurrency hit a low of $0.00002319 and a high of $0.00002596 in the span of 24 hours. Today, the token was worth $14.78 billion on the market. The aforementioned increase in the Shiba Inu's metabolic rate is consistent with this increasing activity.
Broader Meme Coin Market Sees Bullish Momentum
At the same time, it's worth mentioning that the current price increase is in line with the overall meme coin fever. Dogecoin, Pepe Coin, and Dogwifhat continue to show signs of a joke crypto market upswing, with gains of 61%-101% extending over the weekend.
This bull market has even prompted the lead developer of the token, Shytoshi Kusama, to go to X, where he exclaimed, "LFGOOOOO!!!!!" Market speculation has increased due to this announcement, since the dog-themed meme coin represents extreme optimism.
Historical Patterns Suggest Potential for Parabolic Gains
Furthermore, CoinGape recently conducted a Shiba Inu price research and found that the cryptocurrency follows historical patterns, suggesting that there may be further parabolic price gains. Many people who follow the market are still very optimistic about the future of the cryptocurrency.
