Shiba Inu Coin (SHIB) has experienced a significant 4500% increase in its burn rate, removing over 50 million tokens from circulation. This significant burn event has created bullish momentum for the meme cryptocurrency, highlighting its potential for further growth. In addition, SHIB’s intraday market performance has shown a significant increase, fueling optimism about its future prospects.

Burn Rate Soars: 50 Million SHIB Written Off

Data from Shibburn shows that as of November 28, the SHIB burn rate has spiked 4,483% in the past 24 hours, as 53.61 million tokens were destroyed. After this burn, the circulating supply of SHIB is now at 589.26 trillion.

At the same time, Binance has expanded its services for Shiba Inu Coin, introducing spot grid and spot DCA trading for the SHIB/USDC pair. These new trading options aim to increase liquidity and improve the token's ecosystem, creating a positive outlook for SHIB's price trajectory.

SHIB price increased sharply

As of writing, the price of SHIB is up 5%, reaching $0.00002557. Over the past 24 hours, SHIB’s low and high have ranged from $0.00002435 to $0.00002644. The combination of the spike in burn rate and expanded trading opportunities suggests a bullish trend for the token.

According to a recent analysis from Dey There, SHIB is forming multiple bullish patterns on its chart, indicating the possibility of a parabolic price increase. This aligns with the broader resurgence of meme coins in the market, positioning SHIB as a key player in this trend.

What is the future of the Shiba Inu?

The increase in SHIB’s coin burn rate and Binance’s expanded trading features have strengthened the cryptocurrency’s market position. These developments not only highlight Shiba Inu’s bullish momentum but also signal potential opportunities for investors.

Shiba Inu’s recent achievements underscore its role as a prominent meme coin with significant growth potential. The combination of strategic coin burns, trading support, and bullish market sentiment could further enhance SHIB’s position in the cryptocurrency market.