Shiba Inu Burn Rate Rockets 14570% Signaling SHIB Price Rally

Shiba Inu Burn Rate Skyrockets 14570%

Shiba Inu burn rate has noted a massive spike today, soaring 14,575.02% in the last 24 hours, according to Shibburn data. Notably, the jump comes as a total of 279.65 million SHIB tokens were removed from the circulating supply

total of 410.73 trillion of the meme coin were burned from the initial supply. However, despite the massive burning, the current circulating supply stayed at 583.53 trillion. Notably, the wallet address “0xa9d…d3e43” has gained significant traction today, alone burning about 277.58 million coins

Meanwhile, the recent SHIB burn frenzy has caught the eyes of investors, fueling speculations over a potential rally in the crypto’s price. Besides, it also comes at a time when the top meme coins are witnessing significant gains today, amid a recovery in the broader crypto market.

However, the burn rate surge has further appeared to have sparked market confidence. For context, the removal of the token boosts market sentiment, as it typically reduces the supply from the market, which in turn helps in bumping up the asset’s price.

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