Shiba Inu’s weekly burn rate increased by 464%, removing over 624.5 million tokens from circulation, reducing total supply.
SHIB's price rose nearly 6% intraday, trading at $0.0000251, amid a broader bullish meme coin market.
Crypto whales profited significantly from SHIB's rise, fueling optimism for future potential gains.
Shiba Inu has captured significant attention within the cryptocurrency community. Its burn rate witnessed a substantial increase, sparking intrigue and discussions about the token’s future trajectory.
Notably, the official Shibburn tracker on X (formerly Twitter) reported a 464% surge in the weekly burn rate, leading to the destruction of over 624.5 million SHIB tokens in just seven days. This rapid reduction in circulating supply has increased market optimism, as SHIB’s deflationary mechanism remains a critical driver for potential price movements.
Massive Supply Reduction Observed
More so, the significant token burn directly impacted Shiba Inu’s total supply in circulation, which now stands at 589.262 trillion coins. This mechanism operates on a simple economic principle: as supply decreases, scarcity grows, potentially boosting value over time.
Consequently, market watchers have connected the increased burn activity to broader bullish momentum. The past week saw Shiba Inu experience notable price action, with the token adding nearly 6% intraday. As of the latest data, SHIB traded at $0.0000251, with a daily low of $0.00002319 and a high of $0.00002596.
Wider Market Frenzy
Moreover, the current enthusiasm around SHIB is part of a larger trend in the cryptocurrency sector. Meme coins, including Dogecoin, Pepe Coin, and Dogwifhat, have also posted impressive weekly gains, ranging from 61% to 101%. This surge comes amid an overall bullish phase that has gripped the market in the last quarter of the year.
Shytoshi Kusama, the lead developer of Shiba Inu, expressed optimism on X, reinforcing the community’s excitement. In response to the latest developments, Kusama posted a celebratory message, further contributing to the positive sentiment surrounding SHIB.
https://twitter.com/ShytoshiKusama/status/1857651421593649612 Whales and Potential Gains
Furthermore, a recent report highlighted how a major crypto whale capitalized on SHIB’s recent bullish movements. The investor reportedly secured millions in profits, underscoring the potential for significant returns. This narrative, combined with the soaring burn rate, has reinforced confidence in Shiba Inu’s prospects.
Additionally, price analyses have indicated that SHIB might replicate historical patterns that hint at possible parabolic gains in the near future. Enthusiasts are now keenly observing how the token performs as the year progresses, especially with mounting indications of a sustained upward trend.
The post Shiba Inu Burn Rate Surges as 624M SHIB Burnt in a Week – What Lies Ahead? appeared first on Crypto News Land.
