The burn rate of Shiba Inu (SHIB) tokens has skyrocketed by 2200%, fueling speculation about a potential parabolic rally for the popular meme coin. Investor optimism is growing due to bullish on-chain data and an overall positive sentiment in the crypto market.
SHIB Burn Rate Jumps 2200%, Reducing Token Supply
According to the official Shibburn tracker, SHIB’s burn rate surged by an astonishing 2225% on November 21, with 14.58 million tokens destroyed in a single day. This process has significantly reduced SHIB’s circulating supply, supporting its market value.
The total supply of SHIB was estimated at 589.26 trillion tokens at the time of the report. Additionally, weekly data showed that 50.06 million tokens were burned in the past seven days. The SHIB burning mechanism permanently removes tokens by sending them to a zero address, reducing the market supply. This process aligns with the economic principle of supply and demand, potentially boosting SHIB’s price.
Is a Parabolic Rally on the Horizon for Shiba Inu?
Despite the record-breaking burn rate, SHIB’s price fell by 2% over the past day, currently trading at $0.00002386. The daily low and high ranged between $0.00002311 and $0.00002478. While this short-term decline may concern some investors, the monthly chart shows a 30% gain, indicating a broader bullish trajectory.
Over the past month, 192.78 billion tokens have been burned, further supporting a positive outlook for SHIB’s future price performance. A recent analysis by CoinGape Media advises investors to hold their tokens and highlights key reasons to retain SHIB, especially during the ongoing bullish meme coin market.
Meme Coins Poised for Further Growth
Recent blockchain data suggests that the meme coin sector, including SHIB, DOGE, and PEPE, could see further rallies. Meme coins like PEPE and DOGE have surged by 90% to 169% over the past month, increasing optimism for upcoming market movements.
Conclusion: The surge in SHIB’s burn rate has significantly boosted market sentiment, raising expectations for a potential sharp price increase. With the broader meme coin market in a bullish phase, SHIB stands out as a promising investment opportunity as the market continues its dynamic growth.
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