TLDR
SHIB burn rate increased by 4500% with 53.61 million tokens destroyed
Total market supply reduced to 589.26 trillion SHIB
Binance expanded trading options to include SHIB/USDC spot grid and DCA
Price gained 5%, reaching $0.00002557
Technical analysis suggests potential for continued upward movement
The popular cryptocurrency Shiba Inu (SHIB) demonstrated notable market activity on Thursday as its burn rate surged by 4500%, coinciding with a price increase of approximately 5%.
Data from the official burn tracker Shibburn revealed that over 53.61 million SHIB tokens were permanently removed from circulation on November 28. This substantial reduction brought the total market supply down to 589.26 trillion SHIB tokens.
The dramatic increase in the burn rate represents one of the largest single-day token destructions in recent months. Token burning, a process where cryptocurrencies are permanently removed from circulation, typically aims to reduce the overall supply and potentially increase the value of remaining tokens.
Binance, the world’s largest cryptocurrency exchange by trading volume, has expanded its trading offerings for SHIB. The exchange introduced new spot grid and spot Dollar Cost Averaging (DCA) options for the SHIB/USDC trading pair, providing traders with additional tools for managing their positions.
The price of SHIB responded positively to these developments, climbing to $0.00002557. Trading data showed a 24-hour range between $0.00002435 and $0.00002644, indicating active market participation and increased trading volume.
Market observers noted that the combination of increased token burning and expanded trading options on major exchanges could contribute to increased liquidity and trading activity for the token.
The burn mechanism, a key feature of the SHIB ecosystem, follows basic economic principles of supply and demand. By reducing the number of tokens in circulation, the burn process aims to create scarcity in the market.
Technical indicators and chart patterns suggest the possibility of continued price movement. Trading volumes have shown consistent activity across major exchanges, with multiple price support levels established during recent trading sessions.
The expanded trading options on Binance represent a development in SHIB’s market infrastructure. Spot grid trading allows traders to automatically buy low and sell high within a specific price range, while DCA enables systematic investment over time.
Historical data shows that large-scale token burns have often coincided with increased market activity for SHIB. The current burn rate of 4500% ranks among the highest recorded this year.
The price movement comes during a period of broader activity in the meme coin sector, with several similar tokens showing increased trading volumes and price action.
Market data indicates sustained trading activity across multiple exchanges, with consistent volume distribution suggesting broad-based participation rather than concentration on a single platform.
The reduction in total supply through token burning has brought the circulating supply to its current level of 589.26 trillion SHIB, marking a steady decrease from previous supply levels.
Trading patterns show increased activity in both spot and derivatives markets, with multiple exchanges reporting growing interest in SHIB-related trading pairs.
The market response has manifested in both price appreciation and increased trading volume, with multiple exchanges reporting heightened activity in SHIB trading pairs.
The post SHIB Price: Shiba Inu Token Reports Record-Breaking 4500% Increase in Burn Rate appeared first on Blockonomi.
