Shiba Inu Burns Rocket 5,500%, SHIB Price Supports Rally?

Shiba Inu’s burn rate surged by over 5,500% today, with nearly 26 million tokens destroyed. SHIB’s price rose in line with the rise in the burn rate.

In a major development witnessed in the memecoin space, Shiba Inu appears to have once again taken the spotlight with its burn rate surging by over 5,500%. Today, May 10, the Meme Token’s burn tracker revealed that nearly 26 million SHIB were destroyed in the past day, injecting a dose of market optimism into the dog-themed Meme Token.

Crypto market traders and investors continue to anticipate a potential upward price trajectory for SHIB in the future, largely attributed to such token burn records and recent developments within the Shiba Inu ecosystem. Meanwhile, it is noteworthy that SHIB is trading in the green at press time, in line with the massive spike in burn rate.

Insights provided by tracker Shibburn paint a clear picture of the surge in token burn rate. According to Shibburn data, this astonishing 5,564.09% surge occurred after 25.93 million SHIBs were wiped out of the total token supply. This development obviously brings hope, as the supply reduction is expected to lead to a rise in the price of SHIB.

Meanwhile, the total supply of SHIB is estimated to be 589.27 trillion tokens at press time, with a staggering 410.72 trillion tokens destroyed to date. Interestingly, yesterday's report by CoinGape Media pointed out that the wallet address 0xa9d1e08c7793a… appears to be the main cause of the aforementioned spike in the burn rate, while other small burn transactions followed suit.

The latest data suggests that another address 0x0bae1851fb0…. burned 1 million SHIBs today. Upon further digging, data from Etherscan revealed that the address still holds 17.32 million SHIBs, which has led to more speculation about future destruction transactions.

The huge burn rate spike has triggered a wave of market optimism for SHIB among cryptocurrency market participants, as today’s price action has further fallen in line with the burn data. As of the time of writing, the price of the Shiba Inu token has increased by 1.89% in the past 24 hours and is currently trading at $0.00002342.This price increase comes on top of the aforementioned increase in burn rate, while the weekly chart shows SHIB experiencing consolidation, moving sideways.

It is worth noting that bulls or bears may take control of the token at any time in the market, although the aforementioned burn mainly serves as a bullish factor for Shiba Inu. Coinglass data shows that SHIB's open interest surged 2.21% to $59.96 million, while derivatives trading volume plummeted 1.62% to $113.24 million. This may further drive Shiba Inu's recent volatile price action.

Nonetheless, with VanEck's meme coin index recently reaching 195%, which includes SHIB, the token has given glimpses of its potential to generate significant gains for investors. Moreover, the recent ecosystem development brought about by the Shiba Inu cryptocurrency community has further fueled huge bullishness for the token's long-term prospects.

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