$SHIB Burn Rate Surges by 6,200% – A Path to $1?
The Shiba Inu ($SHIB ) burn rate experienced a massive surge of 6,200%, sparking optimism among global investors. This significant reduction in supply has led to bullish market sentiments, as SHIB prices show notable intraday gains amid increasing demand.
Key Highlights
1. Burn Rate Spike:
Data from Shibburn on November 18 revealed a 6,223% increase in the burn rate over the past 24 hours.
A total of 290,321 SHIB tokens were destroyed intraday, reflecting a strong reduction in supply.
2. Weekly Burn Totals:
Over 135 million SHIB tokens were removed from circulation in the past week, leaving the total supply at 589.26 trillion tokens.
3. Supply-Demand Impact:
The burn mechanism has reduced the token's circulating supply, aligning with the economic principle that decreasing supply amid steady demand could drive prices upward.
SHIB Price Performance
Current Price: SHIB is trading at $0.00002511, marking a 4% intraday gain.
24-Hour Range: The token fluctuated between a low of $0.00002403 and a high of $0.00002563.
Market Momentum: Rising prices align with the burn rate increase, highlighting investor optimism.
Investor Activity and Futures Data
Futures Open Interest (OI): Coinglass reported a 6% rise in SHIB futures OI, totaling $93 million, signaling heightened interest from market participants.
Is a $1 SHIB Price Realistic?
While the burn rate and market dynamics support bullish sentiments, reaching $1 would require substantial supply reduction, consistent demand growth, and broader market conditions favoring meme tokens.
Disclaimer
This information is based on market analysis and trends. It is not financial advice. Investors should conduct thorough research before making any financial decisions.
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