Shiba Inu Burn Rate Explodes as 620 Million SHIB Burned in a Week | What’s Next?!

The popular cryptocurrency Shiba Inu continues to steal the spotlight amidst a very bullish market, fueling market optimism with a massive SHIB burn rate spike on Saturday. Recent statistics show that the weekly meme coin burn rate surged by nearly 450% following the burning of over 600 million tokens in the past seven days. In turn, crypto enthusiasts are speculating whether there is a parabolic rally ahead for the coin as the broader sector remains extremely bullish in Q4.

Shibah Inu Weekly Burn Rate Spikes as 24 Million Tokens Burned

According to a post by the official Shibburn X on November 16, 24 Million Tokens

According to a post by the official Shibburn X on November 16, 2019, Shiba Inu’s weekly burn rate saw a significant surge of 464% as 624.5 million tokens were burned over the past seven days. The remarkable surge has dealt a major blow to the total meme coin supply in the market.

Shiba Inu Burn Data

The latest data from the tracker's X account indicates that the current supply of Shiba Inu in the market is 589.262 trillion coins. In context, the meme coin burn mechanism helps the broader ecosystem in diluting the supply of tokens. This is a bullish factor according to the law of supply and demand.This record has gained remarkable optimism towards price movements.