SHIB Burn Rate Shoots Up 1000%, Shiba Inu Coin To Double Soon?

The SHIB burn data pointed out a 1000% uptick as nearly 50 million tokens were burnt. Shiba Inu coin stats show price to double soon.

SHIB burn rate soars as nearly 50 million coins transferred to null address.

Constant burns and recent Shibarium growth has solidified investors' optimism over the crypto's future movements.

Despite a major drop, SHIB price remains optimistically eyed by market watchers.

SHIB Burn Rate Spirals 1000% Sparking Optimism As Supply Shreds

According to the latest data by Shibburn, the SHIB burn rate soared 1068% intraday, indicating that the token’s supply took a huge blow. Per the data, 51.76 million coins were recorded to be sent to a null address, implying that these tokens were permanently removed from the circulating supply. In turn, the broader market’s sentiments surrounding the digital asset turned optimistic against the backdrop of the law of supply and demand.

Shiba Inu Coin To Double Soon?

Despite the abovementioned SHIB burn rate surge, Shiba Inu price slipped 15% intraday and is currently sitting at $0.00002646. Its 24-hour low and high were $0.00002511 and $0.00003141, respectively. Nevertheless, the weekly chart for the asset indicated gains worth 16%, underlining market potential amid a broader bullish landscape.#shiba⚡ #Write2Earn! #writetowin #bt