$SHIB Burn Rate Soars 1000%, Will Shiba Inu Coin Double Soon?
Driven by strong momentum in the fourth quarter bull market, the Shiba Inu token has once again caught the attention of investors, mainly due to the significant increase in SHIB's burn rate. Tuesday's burn data showed a surge of up to 1000%, indicating a major impact on the supply of the cryptocurrency.
As a result, market participants generally expect that future dog-themed meme tokens will see a substantial rise, with other bullish indicators also suggesting that the asset's price may soon double.
SHIB Burn Rate Skyrockets 1000%, Supply Reduction Sparks Market Optimism According to the latest data from Shibburn, SHIB's burn rate soared to 1068% during trading, showing that the supply of this token has been significantly affected.
The data shows that 51.76 million tokens were sent to dead addresses, meaning these tokens have permanently exited circulation. Consequently, in the context of supply and demand, market sentiment surrounding this digital asset has become increasingly optimistic.
It is worth noting that weekly burn data indicates that up to 2.44 billion tokens have successfully been removed from circulation, significantly reducing the market supply of Shiba Inu. Currently, the total supply of Shiba Inu has been reduced to 589.25 trillion SHIB, reflecting effective management of supply through the token burn mechanism.
At the same time, another positive development within the ecosystem further enhances investor confidence in the cryptocurrency. Sixteen months after the launch of the token's second-layer network Shibarium, the platform has achieved significant growth, with the total number of registered on-chain wallet addresses reaching 2 million.
Despite a significant increase in the burn rate, which led to SHIB's price dropping by as much as 15% during trading, the current price remains at $0.00002646. Its price fluctuated widely within 24 hours, dipping to a low of $0.00002511 and peaking at $0.00003141.
However, from a weekly chart perspective, SHIB has still achieved a 16% increase during this period, demonstrating its strong potential in the overall bullish market environment. Additionally, CoinGape's recent price analysis of the Shiba Inu token reveals another positive on-chain indicator, suggesting that the token's price may be poised for an increase.
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