Shiba Inu burn rate spiked 14575% today, with recent SHIB price analysis hinting that the cryptocurrency could hit the massive $1 mark in the coming days.

Shiba Inu’s burn rate has spiked by over 14,570% today, attracting significant attention from investors. This spike also comes amid a surge in SHIB’s price today, with recent analysis indicating that the meme coin is due for a major breakout. Notably, one wallet address has caught the attention of investors, single-handedly contributing a larger percentage to the recent increase in burn rate.

🔸 Shiba Inu burning rate skyrocketed 14570%

The Shiba Inu burn rate saw a major spike today, jumping 14,575.02% in the past 24 hours, according to Shibburn data. Notably, the increase comes as a total of 279.65 million SHIB tokens have been removed from the circulating supply since yesterday.

As of writing, a total of 410.73 trillion meme coins have been burned from the original supply. However, despite the mass burn, the current circulating supply remains at 583.53 trillion. Notably, the wallet address “0xa9d…d3e43” has gained significant traction today, burning approximately 277.58 million coins today alone.

However, the increase in the burn rate seems to have boosted market confidence. To put it more clearly, token deletion boosts market sentiment, as it typically reduces supply from the market, which in turn helps increase asset prices.

🔸 Will SHIB price reach $1?

Amid today’s surge in Shiba Inu burn rates, discussions are also rising about whether the price of SHIB could hit $1 in the coming days. A recent Shiba Inu price analysis suggests that the meme coin could potentially hit $1, citing a number of conditions.

As of writing, the price of SHIB has increased by more than 2% and is trading at $0.00001812, while its trading volume has increased by 31% to $319.74 million. Furthermore, CoinGlass data shows that Shiba Inu Open Interest has increased by about 7% today, indicating the market’s growing confidence in the cryptocurrency.