The Shiba Inu (SHIB) burn rate shot up by an incredible 6200%, causing a wave of excitement among investors. This massive reduction in the token's supply has sparked speculation about a potential price surge. SHIB’s price also saw a 4% increase intraday, adding to the buzz around whether the token could eventually reach $1.
Key Highlights:
1. Burn Rate Skyrockets:
Data from Shibburn on November 18 showed a 6223% increase in the burn rate, with 290,321 SHIB tokens destroyed in one day. Over the past week, 135 million SHIB tokens were removed from circulation.
2. Impact on Supply:
The total supply of SHIB currently stands at 589.26 trillion tokens. The significant burn is reducing supply, fueling hopes of a price increase based on supply and demand principles.
3. SHIB Price Movement:
At the time of writing, SHIB is trading at $0.00002511, with a 24-hour low of $0.00002403 and a high of $0.00002563. Futures open interest (OI) for SHIB has risen 6% to $93 million, reflecting growing investor interest.
Can SHIB Hit $1?
Despite the optimism, reaching $1 remains a distant goal. Shiba Inu's massive supply would require an extraordinary market cap to achieve such a price, making it highly unlikely in the near term. However, smaller gains are possible as interest grows in meme coins during this bullish phase.
Investors should remain cautious and conduct thorough research before making any decisions.
