Weekly Shiba Inu Destruction Rate Rises 450%, with 624 Million Tokens Destroyed. Market watchers are eyeing a parabolic rise in SHIB price in the future. Amid a highly bullish market, SHIB, the famous dog-themed meme cryptocurrency, continues to steal the spotlight, with a massive spike in Shiba Inu destruction rate on Saturday further solidifying market optimism. Recent statistics indicate that the coin’s weekly destruction rate surged by nearly 450% after more than 600 million meme tokens were destroyed in the past seven days. In turn, as the entire industry remains highly bullish in the fourth quarter, cryptocurrency market enthusiasts are speculating whether a parabolic bull run is in the future.
Weekly Shiba Inu destruction rate surges, 624 million tokens destroyed
According to an X post from the official Shibburn This staggering growth has dealt a significant blow to the total supply of meme tokens on the market.
The latest data from the tracker, handle X, shows that the current market supply of Shiba Inu totals 589.262 trillion tokens. For context, the destruction mechanism of memecoin helps the wider ecosystem eliminate token supply, which is a positive factor according to the law of supply and demand. This event brings optimism worth paying attention to for the future price trend of memecoin.
Meanwhile, a recent report from CoinGape Media further highlights the potential of Ethereum-based tokens to generate gains for investors. According to reports, a cryptocurrency tycoon made millions of dollars trading SHIB during the token’s recent bull run. The saga further illustrates why the token has attracted market attention, while its burn rate has also increased significantly.
Is SHIB price poised for a parabolic rise?
Meanwhile, SHIB price has risen nearly 6% intraday today and is currently trading at $0.0000251. The cryptocurrency’s 24-hour low and high prices are $0.00002319 and $0.00002596, respectively. The coin’s market cap is $14.78 billion today. This upward action is in line with the aforementioned spike in Shiba Inu’s burn rate.
Meanwhile, it is worth noting that the price increase coincides with the current general meme coin craze. Dogecoin, Pepe Coin, and Dogwifhat have extended their weekly gains to 61%-101%, further highlighting the bullish momentum in the meme cryptocurrency market. In light of this bull run, the token’s lead developer Shytoshi Kusama also said “LFGOOOOO!!!!” to X. This statement has increased the market’s interest as dog-themed meme coins reflect huge optimism.
Additionally, a recent Shiba Inu price analysis conducted by CoinGape Media suggests that the coin is mirroring historical patterns, indicating a possible parabolic price rally in the future. Market observers remain very bullish on the cryptocurrency’s future performance.
