Shiba Inu Burn Rate Soars With 620M SHIB Burnt In A Week, What’s Next?

Weekly Shiba Inu burn rate witnessed a 450%

uptick as 624M tokens were burnt. Market watchers are eyeing a parabolic SHIB price rally ahead.

The renowned dog-themed meme crypto SHIB continues to steal the spotlight amid a highly bullish market, further solidifying market optimism with a massive Shiba Inu burn rate surge on Saturday. Recent statistics indicate that the meme coin’s weekly burn rate soared nearly 450% in the wake of over 600 million coins burnt in the past seven days. In turn, crypto market enthusiasts speculate whether a parabolic bull run for the toke lies ahead as the broader sector remains highly bullish in Q4.

Weekly Shiba Inu Burn Rate Soars As 624M Coins Destroyed

According to an X post by the official Shibburn X handle on November 16, the weekly Shiba Inu burn rate witnessed a remarkable 464% uptick as 624.5 million tokens tokens were burned over the past seven days. The remarkable surge has dealt a significant blow to the meme coin’s total supply in the market.

The latest data by the tracker’s X handle pointed out that Shiba Inu’s current market supply totaled 589.262 trillion coins. For context, the meme coin’s burn mechanism aids the broader ecosystem in killing the token supply, a bullish factor per the law of supply and demand. This chronicle has garnered noteworthy optimism toward the meme coin’s future price movements.

Meanwhile, a recent

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