On a highly bullish Monday market, the burn rate of Shiba Inu saw a significant surge again, fueling the market's optimism about the meme token's price increase. According to recent data, as nearly 500 million SHIB were burned, the burn rate of the meme token surged by approximately 1000%. This record indicates that investors are optimistic about the future prospects of Ethereum-based meme tokens, with expectations of a possible 300% increase in the future.
Shiba Inu's burn rate skyrocketed by 1000%, with 500 million coins burned.
According to data from the official burn tracking entity Shibburn on November 11, Shiba Inu's burn rate surged by 1028.67% during the day. This spike is primarily due to the burning of 463.45 million tokens. Due to this significant burn impacting supply, the current market supply of SHIB has decreased to 589.26 trillion tokens as of the report.
Notably, the token burn mechanism of this meme coin focuses on reducing its excess supply, which many believe is the reason for the cryptocurrency's poor performance. Interestingly, data from X's weekly burn shows that 615.15 million tokens have been burned in the past 7 days, increasing investor enthusiasm for the asset. In context, despite demand remaining steady, prices are expected to see positive effects as supply is impacted, reflecting the laws of supply and demand.
Additionally, following Donald Trump's recent victory in the U.S. elections, interest in the cryptocurrency market has surged, which has increased bullish sentiment among investors for this asset while the cryptocurrency market is bullish. Notably, Robinhood Crypto EU has also allowed its users to transfer Shiba Inu, adding extra market interest to the cryptocurrency. Overall, by market capitalization, the second-largest meme cryptocurrency is currently stirring up a bullish wave in the broader arena.
Is SHIB's price expected to rise by 300%?
Meanwhile, given the recent developments, market observers expect the future trend of this token to be positively influenced. At the time of writing, the price of SHIB is $0.00002467, having risen nearly 9% in the past day. The intraday low and high for the token are $0.00002213 and $0.00002785, respectively. This upward momentum aligns with the previously mentioned surge in Shiba Inu's burn rate. Additionally, even the weekly chart shows that the token's increase reached 47%.
Notably, the bullish trajectory of this token has sparked immense interest among investors, and traders have responded positively to the recent surge. Market data shows that the 24-hour trading volume of this meme token surged by 245%, reaching $6.08 billion. In summary, the current data reflects great optimism towards Ethereum-based tokens.
Additionally, CoinGape Media recently analyzed the price of Shiba Inu, showing that this meme token is expected to rise by 300% in the recent bull market. Leading cryptocurrency analyst Javon Marks is optimistic about the long-term prospects of this token, attributing it to the formation of hidden bullish divergence, which is a bullish pattern on the price chart. Market enthusiasts continue to optimistically watch for further price action changes of this token, especially the potential 300% increase in the future.
