SHIB burn rate surges by 2200%, indicating that Shiba Inu is brewing a parabolic rise, thanks to recent bullish on-chain data.
The latest SHIB burn rate data has once again sparked bullish sentiment for the popular dog-themed meme token Shiba Inu. On Thursday, the token's burn rate surged by 2200%, with reports suggesting that the asset's price may rise in the future. In context, recent on-chain metrics have fueled investor optimism, anticipating a parabolic rise in meme tokens, especially considering the ongoing bull market in the broader industry.
SHIB burn rate soars by 2200%, delivering a huge blow to supply.
According to the official tracker Shibburn's post on X on November 21, the SHIB burn rate skyrocketed by 2225%, with 14.58 million tokens destroyed. This massive surge in the burn rate has severely impacted the circulating supply of meme tokens.
According to data, the estimated total supply at the time of the report was 589.26 trillion tokens. Additionally, it is worth noting that weekly burn data indicated that 50.06 million tokens were destroyed in the past seven days.
Overall, as the supply continues to decrease, the record of large-scale burns has strengthened market sentiment towards the leading dog-themed meme token. Notably, SHIB's burn mechanism is designed to eliminate excess market supply by sending tokens to empty addresses. Consequently, due to supply and demand dynamics, market sentiment for the tokens is bullish as these tokens in empty addresses can never be used again.
Is a Shiba Inu parabolic rebound on the way?
However, despite the soaring burn rate mentioned above, the price of Shiba Inu fell by 2% during the day, currently at $0.00002386. The token's 24-hour low and high prices were $0.00002311 and $0.00002478, respectively. Although this weakened trend has raised concerns among investors, it is worth mentioning that monthly charts show a 30% increase. This broader bullish trajectory further aligns with this month's SHIB burn rate data, as 192.78 trillion tokens have been destroyed this month.
At the same time, CoinGape Media's recent price analysis of SHIB has also increased market optimism for the token. The price predictions for this cryptocurrency highlighted key reasons why investors should not sell the token, especially in the context of a broader meme coin bull market.
Moreover, it is worth mentioning that recent on-chain data suggests that the meme industry is expected to rise further. This report has also sparked optimism about the continued rise of top meme coins like SHIB, DOGE, and PEPE. Notably, meme coins like PEPE and DOGE have also risen by 90%-169% in the past month.
