SHIB burn volume has once again surged by 3,400%, reducing the supply of the meme coin as 2 billion coins have been burned. Shiba Inu is expected to continue rising.
The latest SHIB burn data has once again ignited optimism around the dog-themed meme cryptocurrency Shiba Inu. Notably, the supply of the meme coin continues to be impacted, with the burn rate soaring nearly 3,400% on Tuesday as clear evidence. Additionally, investors expect the cryptocurrency price to rise further, indicating that the market remains optimistic despite a sustained monthly price increase of over 70%.
SHIB Burn skyrockets 3,400%, fueling investor optimism
According to the latest data from the official tracker Shibburn, SHIB burn volume has surged by 3,454%, with 2.02 billion coins being removed. Furthermore, the data indicates that wallet address 0x2c.. is the primary reason for the surge in the burn rate.
Moreover, with the burn rate significantly rising, the weekly burn rate for the meme token has increased by 1,987%. This broader surge has further fueled optimism, as 4.23 billion tokens have been burned in the past seven days. Overall, at the time of reporting, the market supply of the dog-themed meme token totaled 589.25 SHIB as the burn rate increased. This event has triggered significant bullish sentiment in the market regarding Shiba Inu's future price trends, in line with supply and demand dynamics.
Meanwhile, it is noteworthy that CoinGape Media reports that SHIB whales have recently accumulated billions of tokens. This large-scale purchase further paves the bullish path for the meme cryptocurrency as the token burn continues to decrease the supply.
Can the price of Shiba Inu double?
As of the time of this writing, the SHIB price has increased nearly 1% in the past 24 hours, currently trading at $0.00002907. Its intraday low and high were $0.00002866 and $0.0000307, respectively. Additionally, the weekly and monthly charts for the meme token show increases of 22% and 70%, respectively. This bullish trend aligns with increased token purchases and the ongoing burn of SHIB.
Additionally, CoinGape Media's recent analysis of Shiba Inu's price suggests that the meme token's price is likely to double in the near future. This bullish expectation comes at a time when the token is steadily consolidating, building momentum for a potential breakout. Given the recent bullish events, cryptocurrency market observers continue to closely monitor the token for further upward movement, anticipating that the asset will maintain its bullish momentum.
