Shiba Inu’s weekly burn rate has increased by a whopping 450%. SHIB price has increased by 6% to $0.0000251. Analysts are predicting a continuation of this parabolic price increase. The famous meme cryptocurrency Shiba Inu (SHIB) continues to attract attention amid a strong bull trend in the market. A particularly large burn rate increase on Saturday has reinforced the optimistic mood in the market. According to the latest data, Shiba Inu’s weekly burn rate has increased by nearly 450%, resulting in the burning of over 600 million tokens.
Shiba Inu’s official Shibburn X account announced on November 16 that the weekly burn rate has increased by 464%, with a total of 624.5 million tokens burned in the past seven days. This huge increase has significantly reduced the meme coin’s supply. According to current data, Shiba Inu’s current market supply is set at 589.262 trillion tokens. The token’s burn mechanism helps reduce supply, providing a positive impact on supply and demand dynamics. This creates optimistic expectations for SHIB’s future price movements.
Ethereum’s base at $3,120 offers potential for investors to make profits. Along with this bull run, a crypto whale made millions of dollars in profits by trading SHIB. This development, along with the increase in SHIB’s burn rate, has continued to attract market attention.
Shiba Inu lead developer Shytoshi Kusama expressed his excitement over the rise, stating, "LFGOOOOO!!!!!"
SHIB price increased by 6% today to $0.0000251. The cryptocurrency saw a low of $0.00002319 and a high of $0.00002596 in the 24-hour period. SHIB's market value was recorded as $14.78 billion today. This rise continues in parallel with the increase in the Shiba Inu's burn rate.
Other meme coins have also reinforced this bullish trend, with Dogecoin reaching $0.377892, while Pepe Coin and Dogwifhat are up between 61% and 101% on a weekly basis. The statements of Shiba Inu lead developer Shytoshi Kusama have increased curiosity and optimism in the market.
An analysis by CoinGape Media points to potential parabolic price increases considering the past price movements of Shiba Inu. Market watchers are quite optimistic about the future performance of SHIB.
This large increase in the burn rate of Shiba Inu could increase positive pressure on the price by reducing the supply of the token. The continuation of the burn mechanism could help to increase the price of SHIB by improving the supply-demand balance. For investors, this development could bring potential earning opportunities.