Shiba Inu (SHIB), the Ethereum-based meme coin, has been seeing a massive surge recently, with a 52% rise over the past week, but that’s not all. Its burn rate has surged by a jaw-dropping 1837%, with nearly half a billion SHIB tokens being destroyed. This surge has sparked huge excitement, with many investors now predicting Shiba Inu could skyrocket by 300%. Could this be the next big crypto breakthrough?
Shiba Inu Burn Rate Soars 1837%
On November 11, data from Shibburn revealed a remarkable 1837.67% rise in the burn rate. A total of 463.45 million SHIB tokens were burned in a single day, leading to a significant reduction in SHIB’s circulating supply. As of the latest report, only 589.26 trillion SHIB remain in circulation.
This burn mechanism is key to boosting Shiba Inu’s price potential. By decreasing the total supply, the value of each remaining token may rise, following the basic economic principle of supply and demand.
Over the past week alone, 615.15 million SHIB tokens were destroyed, which adds to the growing enthusiasm surrounding the token.
Trump’s Win Adds Fuel to SHIB’s Surge
The recent surge in SHIB’s price can also be attributed to the overall bullish sentiment in the crypto market. The victory of Donald Trump in the U.S. elections has boosted investor confidence in cryptocurrencies, including SHIB.
Along with this, the popular trading platform Robinhood recently allowed SHIB transfers in the EU, further fueling interest in the coin.
As of now, SHIB’s price sits at $0.00002527, marking a 13% rise in the last 24 hours. The coin’s weekly chart shows an impressive 53% gain, and some analysts believe it could continue rising.
What’s Next for SHIB?
With an increase in trading volume up by 245% to $6.32 billion, there’s a clear sign that investors are excited about SHIB’s potential. Market analysts are optimistic that SHIB could see significant gains in the future.
Some forecasts predict a 300% rise in price as the coin continues to gain popularity and as the burn efforts reduce its supply.
