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Shiba Inu’s supply took a significant hit on November 21, as its burn rate rose 2225% with 14.58 million tokens destroyed. Despite a 2% price decline, market sentiment stays bullish amid monthly gains and favorable on-chain trends.
Shiba Inu Burn Rate Surges to Unprecedented Levels
In an X post dated November 21, the official tracker Shibburn revealed that the SHIB burn rate increased by 2225% intraday, resulting in the destruction of 14.58 million coins. There was a dramatic decrease in the supply of meme tokens due to this spike in burn rate.
There were 589.26 trillion tokens in circulation as of the reporting date, according to the data. Concurrently, it is worth mentioning that 50.06 million coins were burned in the past seven days, according to the weekly burn data.
Burn Mechanism Supports Bullish Sentiment
As a whole, the enormous burning chronicles have improved market sentiment for the top meme coin featuring dogs, even though its supply has been steadily decreasing.
Of particular note is the fact that the SHIB burn mechanism uses a null address to destroy the token's surplus in the market. Since these null-address tokens will never be redeemed, the token is betting on a positive market mood due to supply and demand.
Price Dips Amid Burning Spike
Even if the burn rate rise was announced earlier, the price of Shiba Inu coin declined 2% intraday and is now sitting at $0.00002386. The 24-hour low for the token was $0.00002311, while the 24-hour high was $0.00002478.
Keep in mind that the monthly chart showed gains of 30% despite the fact that this declining movement worried investors. The monthly SHIB burn rate statistics also supports this bullish tendency, as 192.78 trillion tokens were burned this month.
Market Optimism Remains High
At the same time, the market is even more bullish on SHIB after a recent price study by CoinGape. A crypto price prediction highlights important reasons why buyers shouldn't unload their coins, even in the face of a bull market for meme coins as a whole.
Also, it's worth noting that new on-chain data suggests the meme sector is going to have more rallies in the future. Not only that, but this research has given top meme currencies like SHIB, DOGE, PEPE, and others hope for a continued surge. Also worth mentioning is the 90%-169% increase in meme coins like DOGE and PEPE over the last month.
