On Thursday, Shiba Inu coin once again sparked bullish sentiment in the market, with a SHIB burn rate soaring by 4500%. The latest destruction data shows that over 50 million Shiba Inu coins have been burned from circulation, highlighting the potential of this cryptocurrency. Meanwhile, even the intraday movements of meme coins have shown significant gains, injecting more optimism into the future trends of cryptocurrencies.
SHIB burn volume soars by 4500%, over 50 million SHIB burned
According to data from the official burn tracking agency Shibburn on November 28, the SHIB burn rate soared by 4483% in the past day. This significant surge is mainly attributed to the burning of 53.61 million tokens. Additionally, after the token burn, the market supply of the dog-themed meme cryptocurrency totals 589.26 trillion SHIB.
Preliminary observations suggest that the token burn mechanism of meme coins has led to a decrease in asset supply, which is a bullish factor according to supply and demand principles. At the same time, other bullish events seem to have strengthened the market position of cryptocurrencies.
According to CoinGape, it is worth noting that Binance has recently expanded the trading range of Shiba Inu coin. The leading cryptocurrency exchange has begun offering spot grid and spot DCA for SHIB/USDC, paving the way for further capital inflow into the token ecosystem.
Overall, the surge in burn rate and the enhancement of trading products have brought optimistic enthusiasm to cryptocurrencies and their price trends.
Shiba Inu coin surges by 5%
As of the time of this writing, the price of Shiba Inu has risen by 5%, reaching $0.00002557. The token's 24-hour low and high prices are $0.00002435 and $0.00002644, respectively. As mentioned, amid the surge in SHIB burn rate and the increase in market supply of assets, the token is exhibiting a bullish trajectory.
Meanwhile, CoinGape's recent analysis of SHIB prices indicates that this meme coin is also expected to rise parabolically. This analysis was conducted against the backdrop of multiple bullish patterns appearing on the token chart. Overall, recent market statistics suggest that amidst the recent meme coin market frenzy, Shiba Inu coin has significant upward potential.
